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A large-scale, Saskatchewan-based farming and ranching business has filed for creditor protection.
According to a letter sent to landowners on April 21, Monette Group made the filing under the Companies’ Creditors Arrangement Act.
Read more:
- Sask. farmers weathering input price hikes that could ‘wipe out the bottom line’
- ‘I live in Vegas’: Canadian ag producers take gamble with high fuel, fertilizer costs
- Animal welfare group opposes use of strychnine for gopher control on Sask. farms
The letter, obtained by farmnewsNOW, was signed by Darryl Monette. He stated the action is not a liquidation or bankruptcy, but rather a necessary process to work with a court-appointed monitor to create a restructure plan for creditor and court approval.
In the meantime, Monette said farming operations, including seeding, crop care and harvest, will continue during the restructuring. Lease agreements remain in force, and rent obligations are being actively managed with the goal of timely payment.
The Companies’ Creditors Arrangement Act is a Canadian federal law allowing insolvent corporations with over $5 million in debt to restructure their financial affairs under court protection. It acts as an alternative to bankruptcy, stopping creditor lawsuits and enabling firms to reorganize, sell assets, or negotiate repayment plans while continuing operations.
