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United States

Florida—Florida Organic Aquaculture Files for Bankruptcy

 

Durwood Dugger (ddugger@biocepts.com, http://www.biocepts.com/BCI/Home.html), a shrimp farming consultant, reports: Several months back, in local newspapers, I read that Florida Organic Aquaculture (FAO) was unable to pay its employees.  Generally, the final phase of insolvency is the inability to meet payroll obligations.  Consequently, it was not a surprise, but a sad occasion, that FOA recently filed for bankruptcy.  FOA is one of the very few USA recirculation shrimp farms that tried to become large enough to be competitive with wholesale shrimp prices.  Unfortunately, its efforts were technically inadequate, and it significantly underestimated the costs of reaching the necessary scale to become profitable.

 

Information: Malinda L. Hayes, Esq., Markarian Frank White-Boyd and Hayes, 2925 PGA Boulevard, Suite #204, Palm Beach Gardens, Florida 33410, USA (Phone 561-626-4700, Fax 561-627-9479, Email malinda@businessmindedlawfirm.com, Webpage http://www.businessmindedlawfirm.com).

 

Sources: 1. Email to Shrimp News International from Durwood Dugger.  Subject: RAS Shrimp PR Assessments and Reality Updates.  May 3, 2017.  2. Inforuptcy.  Florida Southern Bankruptcy Court Case: 9:17-bk-15012-Florida Organic Aquaculture, LLC.  Website Visit on May 5, 2017.