San Diego Business Journal

Umami Sustainable Seafood Enters Amended Credit Agreement with Amerra Capital

Monday, July 1, 2013

Umami Sustainable Seafood Inc., and its subsidiary Baja Aqua Farms SA de CV, said it entered into an amended credit agreement with Amerra Capital Management LLC for a credit line of up to $64 million.

The amended agreement replaces a $39 million secured credit line that Umami defaulted on last year and in March, according to recent securities filings.

Umami, a San Diego operator of fish farms in Mexico and Croatia, said the interest rate on the amended line of credit was Libor plus 9.5 percent.

Jaime Cuadra, a former chief financial officer of an Umami subsidiary, pleaded guilty June 24 to two felony counts in connection with his embezzling more than $1 million from the subsidiary, Oceanic Enterprises, from 2010 to last year, according to a federal plea agreement.

Cuadra admitted taking the money to pay salaries and fund operations of a fledgling professional football league called the USFL that was based in San Diego. He also used the stolen money for personal business ventures including a T-shirt business; the lease of a Porsche Cayenne; for personal hotels, travel and meals; and other items such as artwork, tickets to sporting events, and deposits of cash to his personal bank accounts, according to the federal plea agreement. Cuadra, who resigned from the USFL as its CEO in February, is scheduled to be sentenced in September.

— Mike Allen