Monette Farms says it has filed for protection under the Companies’ Creditors Arrangement Act.
The large farm operation, based near Swift Current, is in the process of restructuring.
Monette Farms had many of its widespread land holdings in Saskatchewan and Manitoba up for sale. It’s unclear how much land was actually sold.
Monette Farms also leases a great deal of farmland.
In a letter to its landowners and leasing partners dated April 21, Monette Farms confirms that protection is being sought under the Companies’ Creditors Arrangement Act. This, says the letter, is a court-supervised restructuring process that allows continued operation while finances are stabilized and debt is restructured. The letter emphasizes that this is not a bankruptcy or shutdown.
Monette Farms says its lease agreements remain in force and it intends to maintain ongoing operations saying the goal is timely payment of rent obligations. Updates for landowners are promised as the restructuring process progresses.
