Waldoboro, Maine, U.S.A.-based eel aquaculture company American Unagi has reached a potential asset purchase agreement with Maine Community Bank following its filing for voluntary Chapter 11 bankruptcy protection.
American Unagi filed for Chapter 11 protection in September 2025, just four years after breaking ground on its eel recirculating aquaculture system (RAS) facility. The company opened its operations in 2023, and American Unagi Founder and President Sara Rademaker said the facility cost USD 10 million (EUR 8.5 million).
In a statement sent to SeafoodSource after the bankruptcy filing, Rademaker said the filing came after “careful consideration” in order to enable a transition to new ownership.
“We’ve obtained financing, and the Chapter 11 process will allow us to realign our financial structure with the strong operational foundation we’ve built, giving the company the opportunity to attract new partners that strengthen our business and allow us to continue to grow the domestic eel aquaculture industry,” Rademaker said.
Court filings reveal the company has a potential asset purchase agreement with Maine Community Bank, one of the main lenders for the project.
In court filings, American Unagi revealed it worked with advisors, including Corporate Finance Associates as its proposed business broker, on a “variety of options” to maximize the value of the company’s assets to benefit all parties.
“Ultimately, after careful consideration, including the costs and risks of each option, the Debtor [American Unagi] determined that the value-maximizing strategy was to pursue a going-concern sale of its assets to a buyer through Chapter 11,” the filings state. “In connection with that decision, the Debtor held discussions with several interested potential buyers prior to the Petition Date, but ultimately, no actionable offers materialized during that time.”
Now, the company has moved to authorize the approval of a sale of its assets to Maine Community Bank for a credit bid for USD 1 million (EUR 855,000), free of any outstanding liens and claims.
According to court filings, the company has over USD 10.8 million (EUR 9.2 million) in assets and USD 12.7 million (EUR 10.8 million) in liabilities. Of those liabilities, USD 6.1 million (EUR 5.2 million) is prepetition secured debt, while another USD 6.1 million is prepetition unsecured debt.
Court filings also revealed it posted a USD 152,000 (EUR 130,000) loss in November. While it posted a gross profit of USD 2,160 (EUR 1,847), interest on its debt and administrative expenses dragged that total down.
The initial bankruptcy filing revealed a range of unsecured creditors, including RuralWorks Impact Partners, which had a USD 3.3 million (EUR 2.8 million) unsecured claim. RuralWorks invested in American Unagi in early 2024 as part of its mission to invest in rural businesses and generate community wealth while protecting the environment.
American Unagi was the winner of the Best New Foodservice Product award at Seafood Expo North America in 2025.
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