Coastal Villages Trade Shares for Fishing Vessels – Acquire Catcher Processor NORTHERN HAWK and Three Longliners
Yesterday, Coastal Villages Region Fund, in a deal with fishing giant American Seafoods, has acquired the 341-foot Alaska pollock factory trawler and three Alaska freezer longliners, the LILLI ANN, NORTH CAPE, and DEEP PACIFIC. In exchange for the vessels and their quota shares, Coastal Villages Region Fund will give up its equity interest in American Seafoods. The Coastal Villages Region Fund had utilized its Community Develop Quota to obtain an equity interest in American Seafoods. The deal for American Seafoods was financed by Bank of America and reportedly involves $750 million in refinancing. Coastal Villages Region Fund has indicated it wishes to move the home port of the NORTHERN HAWK and the other vessel from Seattle to Alaska.
The four vessels employ approximately 200 crewmen during the season. It is unknown how the purchase will impact current crewmen’s jobs.