Peter Pan Seafood's efforts to reach a joint venture agreement with rival Silver Bay Seafoods appear to be stalled, with the two sides unable to agree on terms for any cooperation.

Sources familiar with the situation were split on whether or not any deal could be reached.

Peter Pan, owned by seafood entrepreneur Rodger May and private equity groups McKinley Capital and RRG, reportedly began looking for a joint venture partner for its Prince William Sound operations earlier this year.