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Bankruptcy May Be Your Option

Great Pacific Seafoods seeks Chapter 7 bankruptcy

There are many issues that factor into the success or failure of a business in Oklahoma. Often, these factors are beyond the control of the business but can have a major impact. One out-of-state company, Great Pacific Seafoods, has recently announced that it will seek Chapter 7 bankruptcy protection, largely due to financial struggles caused by forces that the company cannot control.

According to reports, the company lost almost $5 million in revenue from 2014 to 2015. As a result, one of its major lenders ended a line of credit, making it impossible for the seafood company to begin fishing this season. The company has now filed for bankruptcy, listing $12.3 million in liabilities and $12.4 million in assets.

The company has since stopped operations, impacting hundreds of employees. A spokesperson blames the decrease in revenue on several issues, including an increase in the minimum wage in Alaska where the company has several plants. He additionally claims that a Russian embargo and demand from the Japanese have adversely impacted revenue. Further complicating matters is a change in a visa program that allowed foreign students to temporarily work in facilities dedicated to processing fish in Alaska.

While all businesses strive to be financially successful, there are many issues that can prevent them from doing so. Some companies in Oklahoma have found themselves in a similar situation. In many cases, Chapter 7 bankruptcy is the best option for coping with overwhelming debt. An attorney with experience regarding such proceedings can help both businesses and individuals understand their options for coping with such debt and taking necessary action.

Source: seattletimes.com, "Seattle-based seafood company shuts down", May 29, 2016

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