Bankrupt fishery has swimming chance

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Eskasoni Chief Alison Bernard wants to give the bankrupt Gold Eagle fisheries a second chance.

Since buying the former Nova Aqua fish farm at a receivership sale in 1991, Bernard's band invested $3 million into the fishery. A series of bad management strategies forced the fishery to file for bankruptcy in February, leaving the band with a total $5 million debt.

But Bernard is confident that with a proper restructuring, the Gold Eagle will soar again.

"We are convinced that if it is run properly, it could be viable," Bernard said. "There were too many people working there to start with. They had between 80 and

100 people working where only 40 to 50 people are needed," he said.

With high salary costs and money owing to feed suppliers, the fish farm had to declare bankruptcy while in the midst of a restructuring plan. Such a plan would see the fishery run more efficiently while still providing needed employment for band members, said Bernard.

The fishery counts on five lake sites plus one hatching area for their salmon and steel head trout harvest. The band continues to run the operation, with the fish being mostly sold state side to Massachusetts markets.

Bernard is counting on the band's bid for the fish farm to come in first when receivers Peat, Marwick & Thorne open bidding at the end of April. However, if there is another winning bid, the band won't suffer the loss in the short run because the bulk of the investment can be returned to the band, he said.