CFFI Ventures Inc., an investment firm owned by seafood magnate John Risley, is under severe financial distress, as revealed by recent court documents showing it owes over US$776 million. The firm has initiated a plan in Nova Scotia Supreme Court to transfer its assets to a new ownership as part of an effort to restructure its debts and achieve financial stability. A judge is anticipated to make a ruling on this plan in April, essential for the company's future viability.

In a public statement, Risley emphasized the necessity for change in the company, dubbing this transition as the appropriate course to ensure its future success. He acknowledged that while his approach to business often involves significant risk—stemming from his experience since founding Clearwater Fine Foods Inc. in 2003—these risks have also been a source of considerable challenges. The impending court decision will be crucial for the company, signaling either a potential path to recovery or further complications.

Additionally, developments in court have seen Risley’s former business partner, Brendan Paddick, file a claim against CFFI, alleging debts of over $22 million owed to him. This claim adds a layer of complexity to the already challenging financial situation of the firm. The ongoing legal proceedings and the outcomes of management decisions will significantly impact not just CFFI Ventures Inc. but also the employees and stakeholders associated with the seafood industry in Atlantic Canada.