Mariner Seafoods family owed $7.5 million

The owner of Montague-based Mariner Seafoods is the major creditor in bankruptcy proceedings against the fish processing company, court documents show.

Mariner Seafoods president Mark Bonnell lent his company $5.5 million. Mariner also owes Bonnell's other company, Montague Cold Storage, $1.2 million.

Bonnell's sister, Linda Love, is owed $500,000, according to the documents.

In total, the Bonnell family has claims totalling $7.5 million. Mariner has debts of $11 million.

The company is under creditors' protection until April 8. It and Montague Cold Storage will soon be put up for sale.

On Thursday, P.E.I. Supreme Court Justice Wayne Cheverie granted Mariner Seafoods more time to tryto find a buyer to get the processing plant up and running in time for the spring lobster season.

It was the second extension the court has granted to Bonnell. Last month, Cheverie gave Bonnell another 30 days to tryto find a way to deal withMariner's $11-million debt.

The extra time will allow Bonnell and court appointed monitor Grant Thornton to try to find a buyer for the seafood processing plant.

The court was also told that Mariner Seafoods would bring in more money if sold as a going concern rather than auctioning the assets individually.

With 250 employees, Mariner Seafoods is one of the biggest employers in the Montague area.

Other creditors include the Montague-based development agency Active Communities and the P.E.I. government.

Bonnellis also owed $4.6 million by 375 lobster fishermen who have their catch processed at the plant.