B.C. fruit group files for creditor protection after crop losses, ‘liquidity crisis’
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A group that had provided storage and packing services for British Columbia fruit growers for almost 90 years has filed for creditor protection after receiving a bank repayment notice.
A statement from the BC Tree Fruits Cooperative issued Monday says the decision to file for creditor protection stems from the group’s “liquidity crisis,” with stone fruit crops damaged by weather identified as “the final tipping point” in a series of factors.
The co-operative announced last month that it was shutting down due to “extremely low” estimated fruit volumes, and “difficult market and financial conditions.”
It says the group received a notice from the Canadian Imperial Bank of Canada last Tuesday demanding repayment of debt, then filed for creditor protection in B.C. Supreme Court on Monday in an effort to “maximize recovery for all stakeholders.”
