The court overseeing creditor protection for seeding equipment maker Morris Industries is being asked to approve a deal for the company’s sale to another Saskatchewan manufacturer. Calgary consultancy Alvarez and Marsal, the court-appointed monitor for Morris, said Tuesday in its latest report to Court of Queen’s Bench in Saskatoon it recommends approval of a sale […] Read more
Tag Archives bankruptcy — page 2
Court approval sought for Morris Industries sale
Rite Way deal the 'highest and best offer received'
How a major U.S. farm lender left a trail of defaults, lawsuits
Harrod, Ohio | Reuters — After completing a credit review in a half-hour phone call, a BMO Harris Bank underwriter cleared US$12 million in loans for Ohio corn and soybean producer Greg Kruger in 2013. Kruger had initially asked for a $2 million loan to build a grain elevator. But the Chicago-based bank, one of […] Read more
Economic challenges mean U.S. farm bankruptcies are up but land prices hold steady
USDA says farm real estate prices holding up, but the potential for a fall is there
Reuters – The United States Department of Agriculture is concerned about a potential decline in farmland real estate prices, but has seen no sign of that happening so far, said USDA chief economist Robert Johansson. Farmland prices are a key pillar of equity for the U.S. agricultural heartland, which has been suffering from lingering weakness […] Read more
Spike in big U.S. farm loans may add risk to agricultural banks
Farmers are feeling the impact of the U.S.- China trade war as commodity prices drop
Chicago | Reuters – A sharp jump in American farmers seeking operating and equipment loans of at least US$1 million fuelled a spike in agricultural lending in the third quarter of 2018, as trade worries added to economic strain in the farm sector, the Federal Reserve Bank of Kansas City said Oct. 19. Why it […] Read more
Some Canadian Exotic Grains customers compensated
CNS Canada — A few producers who did not receive payment from Canadian Exotic Grains Ltd. have been compensated through the Canadian Grain Commission’s Safeguards for Grain Farmers Program, the commission said Tuesday. Canadian Exotic Grain’s grain dealer license was revoked April 26 after the company was unable to pay producers. On June 4, Saskatchewan […] Read more
Farm bankruptcies down, but not out – just different
Winnipeg | CNS Canada – Fewer farms means fewer bankruptcies but with that simple equation comes the realization that the size and tone of those bankruptcies in North America is growing. “They are larger, the amount of debt is greater, the fact that we’re not seeing a higher number doesn’t mean there isn’t considerable distress […] Read more
Pulses stranded at sea as shipping company flounders
CNS Canada — The bankruptcy of a major Korean shipping company has raised some concerns for Canadian pulse crops moving by container, but any disruptions to movement will likely be minor, according to an industry analyst. Hanjin Shipping Co., the world’s seventh-largest container shipping company, declared bankruptcy on Aug. 31, leaving more than half of […] Read more
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