The receiver for the Merit Functional Foods plant protein processing site in Winnipeg has applied for court approval to sell to a Manitoba numbered company.
Tag Archives Bankruptcy
Buyer steps up for shuttered Winnipeg plant protein processor
Receiver for Merit Functional Foods plant has requested court approval for the sale
Drought leaves Canadian farmers unpaid
Failure of unlicensed companies, complaint deadline, insufficient security seen as holes in farm support
Hundreds of Canadian farmers have received delayed payments for their crops or not been paid at all, as a growing number of grain-buying firms declare bankruptcy amid drought and low commodity prices, according to interviews with dozens of farmers, a government agency, and a review of bankruptcy documents.
Agfinity declares bankruptcy
Agfinity Inc. officially filed for bankruptcy on Nov. 25, just over a month since the Alberta grain brokerage shut down operations and laid off employees.
Agfinity shuttered, new brokerage facing online questions
Stony Plain, Alta. grain broker Agfinity laid off employees and started the process of declaring bankruptcy in mid-October, according to former employees. Three former employees are working at launching a new brokerage firm, Grain Gateway Canada, but have run into some strangeness online.
Major U.S. peach producer files for bankruptcy to pursue sale
Setbacks have included salmonella, fires, heavy debts
New York | Reuters — Prima, a private-equity backed farmer that is the largest producer of peaches and other stone fruit in North America, filed for Chapter 11 bankruptcy protection in Delaware on Friday. The company, owned by private equity firm Paine Schwartz Partners, has about $679 million in debt, and plans to sell its […] Read more
Bankrupt organic firm’s Prairie growers to be paid
CGC to issue compensation
Over four dozen Prairie grain growers who supplied a Minneapolis firm specializing in organic and non-GMO grains will get paid in full, the Canadian Grain Commission says. The CGC on Tuesday announced the results of its review of producer claims in the wake of last July’s bankruptcy filing by Pipeline Foods, whose footprint in Canada […] Read more
Court approves Morris Industries’ sale to Rite Way
Yorkton plant, not included in deal, to close
Seeding equipment manufacturer Morris Industries has been approved for sale to another Saskatchewan manufacturer — minus its Yorkton manufacturing plant, which is not part of the sale and is now expected to close by year’s end. Judge Shawn Smith of Court of Queen’s Bench in Saskatoon on Friday approved the sale of Morris to a […] Read more
Court approval sought for Morris Industries sale
Rite Way deal the 'highest and best offer received'
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
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
Facing and addressing farm financial issues
Bad harvest weather. Low prices. If things look grim, it’s time to get to work
When there are financial concerns on the farm, it’s important to address them sooner rather than later, and find a way forward. Financial issues can occur in any business. Reasons for financial distress on farms can be as varied as harvest issues, crop failures, decreased market prices, cash-flow challenges or excessive debt loads. It is […] Read more
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