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Tag Archives creditor protection

Crops, Machinery

Rite Way proposes to buy Morris Industries

Regina farm equipment maker draws up letter of intent

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Reading Time: 2 minutes Cash-crunched seeding equipment maker Morris Industries has been handed a letter of intent to purchase, from a Saskatchewan suitor with a farm equipment company of its own. Calgary consultancy Alvarez and Marsal said in a report Tuesday it received a letter of intent for a “proposed sale transaction” from Superior Farms Solutions Ltd. (SFSL), the […] Read more
Crops, Machinery

Ag equipment maker Morris in creditor protection

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Reading Time: 3 minutes Downsizing and staff cuts lie ahead for well known Prairie farm equipment maker Morris Industries as the company enters creditor protection due to a “liquidity crisis.” The Court of Queen’s Bench in Saskatoon on Wednesday approved the Morris Group’s Jan. 3 application, which stays any proceedings or actions against the company until Jan. 18 at […] Read more
Crops

ILTA Grain security payout to be CGC’s biggest ever

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Reading Time: 4 minutes An insurance policy set up for demised Prairie pulse exporter ILTA Grain will pay, in full, what’s owed to over 200 growers who supplied the company, according to the Canadian Grain Commission. The CGC announced Monday that 222 eligible unpaid growers will receive a total of $11.146 million covered by the security ILTA posted before […] Read more
Crops

Major Quebec hothouse grower seeks creditor protection

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Reading Time: 2 minutes One of Quebec’s best known greenhouse propagators, who in recent years launched an aggressive expansion into organic vegetables, is seeking creditor protection. Les Serres Lefort, which operates almost 50 acres of greenhouse facilities at Sainte-Clotilde in Quebec’s Monteregie, announced Sept. 10 it had filed a notice of intention on Sept. 6 to file a proposal […] Read more
Crops

Viterra to buy ILTA Grain pulse processing plant

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Reading Time: 2 minutes Creditor-protected Prairie pulse processor and exporter ILTA Grain is set to sell a next-to-new southern Saskatchewan facility to one of Canada’s biggest grain firms. Glencore Agriculture’s Viterra arm said Tuesday it has signed a purchase deal for the assets of ILTA’s processing facility at Belle Plaine, Sask., about 25 km east of Moose Jaw. Financial […] Read more
Crops

ILTA Grain escrow fund set up for unpaid farmers

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Reading Time: 3 minutes Farmers who delivered to Prairie pulse and grain processor ILTA Grain but didn’t get paid before the company went into creditor protection are being asked to “immediately” get in touch with the Canadian Grain Commission. The CGC late Wednesday announced it has reached an agreement with the company’s court-appointed monitor for a new escrow account, […] Read more
Crops

Grain Commission suspends ILTA Grain’s licenses

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Reading Time: 2 minutes Farmers owed money for grain delivered to ILTA Grain Inc. should call the Canadian Grain Commission (CGC). The CGC on Thursday suspended the Surrey, B.C.-based company’s grain dealer’s license and its primary grain elevator licenses for elevators at Belle Plaine and Saskatoon, Sask., Remi Gosselin, the CGC’s manager of corporate information services, said in an […] Read more
Crops

Pulse exporter ILTA Grain under creditor protection

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Reading Time: 2 minutes Corrected, July 11 — MarketsFarm — B.C.- based pulse exporter ILTA Grain, which operates pulse handling and processing facilities in Saskatchewan, has been granted creditor protection by that province’s Supreme Court. “The decision to file for (Companies’ Creditors Arrangement Act protection) was made after careful consideration and in our view, is a necessary step for […] Read more
Livestock

Quebec veal processors merging

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Reading Time: 2 minutes The bulk of Quebec’s veal processing capacity is forming up under one banner as Delimax-Montpak gets set to buy its rival Ecolait out of creditor protection. Delimax-Montpak Group announced Friday it has an agreement in principle to buy St-Hyacinthe-based Ecolait for total consideration of $50 million. Delimax-Montpak said Friday the deal “will allow the veal […] Read more
Livestock, Markets

Ont. organic dairy co-op in creditor protection

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Reading Time: 2 minutes The co-operative behind one of Canada’s biggest names in organic dairy goods is in creditor protection and aiming to negotiate new terms on the eight figures owing to its creditors and members. Organic Meadow Co-operative announced Monday it had filed for creditor protection “in order to complete a restructuring of its operations.” The company said […] Read more

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