Fishing News
State steps in again, commits $2.5 million for fish factory
By Wesley Loy
The state again has come to the rescue of a fumbling fish factory in South Anchorage, agreeing to pour up to $2.5 million into the venture in hopes it can survive and even prosper.
So far, the Great Alaskan Seafood Co., formerly known as Alaska Seafood International, has been a bust since it began in the late 1990s in a building erected with $50 million in state dollars.
Aside from dribbling production of goods like breaded and seasoned cuts of halibut, salmon and other fish, the plant near the Anchorage airport has produced a string of layoffs, firings, lawsuits, shutdowns and financial rejiggerings.
Today, the huge plant with its sophisticated equipment and posh offices is surrounded by acres of empty parking lots as only a tiny fraction of the 450 employees once envisioned now work there.
In recent weeks, the company was essentially dormant and known to be tottering on the brink of oblivion as the three main owners -- a New York investment company, a Taiwanese bank and the Alaska Industrial Development and Export Authority -- worked toward yet another revival plan.
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