PE: Minigoo yet to file for creditor protection

[LENNOX ISLAND, PE] — Minigoo Fisheries has yet to file for creditor protection.

Company director Jack MacAndrew said they wanted to file for creditor protection last week, but that still hasn’t happened. Company representatives were meeting Wednesday with officials from the Bank of Montreal, its lending institution, in hopes of moving that process forward.

Creditors are generally sympathetic to the situation Minigoo Fisheries finds itself in, MacAndrew said.

He said he’s taking as many as a half a dozen calls a day from creditors. He’s advising them the Lennox Island lobster processing company does not have any money to pay them, but is trying to develop a plan so that it can get back into production. Many of the callers, he said, end their conversation by wishing the company well.

In the meantime, there is only a limited amount of activity at the plant. Product in storage is still being shipped to buyers.

The company laid off its workforce on July 14 and indicated it would be going through restructuring with the hopes of being back in production in time for the fall lobster fishing season.