Harbor Crown processing plant for sale after foreclosure


Monday, June 07 2010
Unalaska, AK – The Harbor Crown seafood facility is currently on the market. Bob Martin, of Ravenwood Real Estate in Eagle River, and Lee Henry of RE/Max in Anchorage are handling the foreclosure sale and will be accepting bids on the property until Tuesday, June 15.
Martin says that there is interest in the processing plant, and that a number of prospective buyers have come to look at it.
"We have an on-site manager who has been showing the property," says Martin. "We have another guy flying up on Oregon, and there's been some people in the Dutch Harbor-Unalaska area who have put their feet on the ground as well."
Alaska Growth Capital foreclosed on the property in December, according to Chris McGee, the group's vice president of lending. The property includes 6 buildings over 7 acres, and its value is assessed at $4.8 million dollars.
Harbor Crown's financial troubles first made news last summer. In June, the city of Unalaska cut the plant's electricity off after Harbor Crown had accumulated $200,000 in debt. The company was also sued by Horizon Lines, Coastal Transportation, and F/V Tempo Sea for not making payment. Harbor Crown's former president Ken Dorris finally filed for Chapter 7 bankruptcy in September.
Martin says that prospective buyers are both aware of the situation and familiar with the property.
"What I'm finding from my cold calls is that most people in the industry know the property, know the situation," says Martin, "and that the information I'm providing just underscores what they already know."
Dorris could not be reached for comment.