Canadian-owned land-based fish farm goes bankrupt
A Canadian-owned land based fish farm in Iowa has gone belly-up with over US$100 million in debt, adding to the litany of failed businesses that try to grow fish on land. VeroBlue Farms (VBF), which had recirculating aquaculture system (RAS) facilities near Webster City in Hamilton County, owes $98,943,246.22 in unsecured debt to its top 20 creditors and another $6 million in secured debt, according to its bankruptcy petition.
The company also owes US$279,000 in property taxes, an undisclosed sum to the Internal Revenue Service and has unpaid utility bills.
Last year it announced that its aim is to become North America’s biggest land-based fish farm and the largest domestic producer of barramundi, raising as much as 10 million pounds every year.
In a separate civil lawsuit, five of Vero Blue’s top management are accused of misappropriation of funds. The suit, filed in federal court, claims Leslie A. Wulf, Bruce A. Hall, James Rea, John E. (Ted) Rea, and Keith Driver “wasted VBF assets.”, according to messengernews.net