John Z. Blazevich, who guided his Contessa Premium Seafoods through a bankruptcy process that saw all creditors paid, is now president and ceo of a new company, ViVA! Food Group, a direct manufacturer and supplier of farm-raised shrimp from Southeast Asia for the private label market.
On Dec. 21, 2012, the United States Bankruptcy Court for the Central District of California entered a final decree that marked the conclusion of Contessa's two-year bankruptcy process that resulted in the sale of its operating businesses to Sun Capital Partners for $50 million; that company continues to market branded products under its old name.
"My shrimp operations in Southeast Asia were separate entities," said Blazevich. "They are still thriving today and continue to produce quality farm-raised shrimp products for customers who want to eliminate the middle man and buy directly from the source. After 30 years, I am still in the game, and I look forward to continuing my extensive relationships in the industry through my new company."
Contessa's successful bankruptcy has not gone unrecognized. In the second half of 2012, the professionals in the case, including Kelley Drye & Warren as Contessa's bankruptcy counsel, were honored with three important awards for their work on Contessa: The Turnaround Management Association Transaction of the Year Award, The Association for Corporate Growth New York Champion's Award and The Turnaround Atlas Award for Food & Beverage Turnaround of the Year.
