Three suspended pulse and special crop handling and processing companies are again licensed to move Canadian grain — but not to buy any.
The Canadian Grain Commission announced Monday it has reinstated the licences for Globeways Canada Inc. and its subsidiaries: Canpulse Foods Ltd., a pulse and canary seed processor at Kindersley, Sask., and Global Grain Canada Ltd., an edible beans processor at Plum Coulee, Man.
That’s on the condition that the companies can’t “purchase grain from, receive grain from, or otherwise incur liabilities to grain producers.”
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The conditional licenses allow the three companies to “sell, remove or otherwise transfer” grain or grain products they have on hand or in storage.
The licences for Mississauga-based Globeways and its two subsidiaries had been suspended since Oct. 31, at which time growers to whom the three companies owed money were asked to contact the CGC immediately.
The CGC said it had suspended the firms’ licences until Nov. 29 at the latest, after being informed the companies no longer had security to cover money owed to farmers.
The companies entered receivership effective Nov. 19 and their court-appointed receiver, BDO Canada, says it’s working with Globeways to find buyers for the Canpulse and Global Grain assets.
As of Oct. 15, BDO said, Canpulse owed 72 farmers a total of $4.3 million, while Global Grain owed 28 farmers $3.9 million.
In a Nov. 13 report filed with Ontario Superior Court, BDO said it had been advised that 4,900 tonnes of inventory, valued at about $3.78 million, had been returned to unpaid farmers.
The CGC believes the Manitoba company “has returned the majority of their inventory back to producers who hold primary elevator receipts,” commission spokesman Remi Gosselin told the Manitoba Co-operator last week.
The commission is still tallying how much farmers are owed, he said, but added that figure has come down as physical stocks of edible beans are returned to farmers.
According to BDO, Globeways’ secured creditors include TD Bank — which is owed about $11.42 million — along with VW Credit Canada, Honda Canada Finance and Farm Credit Canada (FCC).
FCC’s “primary security” in Globeways is the Plum Coulee plant, BDO said in its Nov. 13 report.
Both TD and FCC support BDO’s proposed sale process for the Kindersley and Plum Coulee assets, the receiver said. –– Glacier FarmMedia Network
