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 related to more than $50 million in debts.
Court documents show the BC Tree Fruits Cooperative is"non-compliant" with loan agreements to Canadian Imperial Bank of Canada.
The co-operative announced last month that it was shutting down due to"extremely low" estimated fruit volumes, and"difficult market and financial conditions." A hearing is scheduled in Vancouver on Tuesday, and the group says it's seeking a stay of all proceedings against the co-operative for 10 days, the appointment of a monitor, approval of interim financing, and the scheduling of a subsequent hearing.
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