Link: http://www.publicbroadcasting.net/kial/news.newsmain/article/0/1/1555859/Local.News/Adak.Fisheries.declares.bankruptcy

One of the last commercial reasons for businesses to visit Adak has failed...the island's fish processing plant filed for bankruptcy on September 17th. As this report explains:

According to court documents, Adak Fisheries owes money to between 100 and 199 different creditors. Independence Bank told the court they alone are owed about $6.5 million from three different loans in 2007, 2008, and 2009. The bank says the lines of credit were issued based on bogus invoices sent by Adak Fisheries and were secured by all of the processing plant's assets, including their equipment and inventory.

This sounds like gross incompetence at the very least, and possibly fraud, on behalf of the owners and managers of the fish processing plant. However, I also have no idea how or why Independence Bank was persuaded to lend that much money in three separate tranches to a struggling business in an inhospitable part of the world. The phrase "bogus invoices" suggests that some sort of fraud investigation is in order. It must be something in the water...in the meantime, the failure of the plant removes one of the last reasons for fisheries to stop in Adak, and makes the economic scene on the island even more bleak. As the article also explains:

Adak city manager Chuck Mohn said the community of about 100 has very few economic opportunities beyond the fish processing plant. Adak Fisheries and the boats it attracted to the area provided the community with sales, fuel, and fish tax revenue. Mohn said he's not sure if they can keep the city running without it.

There is some discussion of the events here.