Sea Galley Restaurant Chain Seeks Chapter 11 Protection

MOUNTLAKE TERRACE - Sea Galley Stores Inc. has filed for Chapter 11 bankruptcy protection, saying it believes its business could be an attractive acquisition or merger for another restaurant company.

The company said the bankruptcy petition listed assets of $3.46 million and liabilities of $8.46 million.

Sea Galley said the bankruptcy petition ended an unsuccessful 44-month-long struggle to restructure debts it accumulated in the 1970s and 1980s. The filing was necessary "in order to provide an orderly means of selling its assets and dealing with its creditors," it said.

Sea Galley operates restaurants in Washington, Idaho and Alaska.