Fork Food Lab

The South Portland-based food-business incubator and commercial kitchen is seeking to reorganize its debt months after selling its 42,000-square-foot base to a group of local investors.

The action staves off a foreclosure auction that had been scheduled for Jan. 28.

The South Portland-based nonprofit food-business incubator and shared commercial kitchen said it is taking steps to put a financial plan in place to keep services going.

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At full capacity, it’s estimate the food incubator could generate an annual economic impact of 166 jobs, $6.3 million in wages and $14.8 million in sales

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"Innovation is just adding to what you're already doing and modifying it in a way that makes it better," Bill Seretta, executive director of Fork Food Lab, said at the trade group's annual summit.

The shared commercial kitchen and food business incubator is moving to bigger digs in South Portland.

Construction at the 42,000-square-foot office space has already been underway, thanks to a lease deal that held the space for the lab until the sale could be finalized.