Sustainable Blue, a land-based salmon farming company backed by the founder of clothing giant Patagonia and others, is headed into receivership, according to its top executive.

Kirk Havercroft, CEO of Nova Scotia-based Sustainable Blue, told IntraFish the company is being placed into receivership, but declined to comment further.

The receivership was filed in a Nova Scotia supreme court by minority shareholders Thane Stevens and Jim Lawley, according to receivership documents obtained by IntraFish.