Severe weather, market challenges have lead to financial collapse
A hearing is scheduled today after BC Tree Fruits Cooperative officially filed for creditor protection on Monday.BCTFC is seeking a stay of proceedings and remedies for 10 days, the approval of interim financing and is requesting a comeback hearing on Aug. 23.
“Many factors that have led to this crisis, including decreasing tree fruit volumes, an increase in local packing house competition, aging facilities, aging equipment, market pricing pressures locally and from Washington state, a reduction in contracted BCTFC growers/members, and significant impacts from a changing climate,” notes BC Tree Fruits.
“The final tipping point in the already precarious financial position of BC Tree Fruits was the unexpected and significant crop reduction caused by unusually severe weather pattern in 2024. As a result, the 2024 crop saw a reduction in volume by 85-90% in cherries and all other stone fruit were reduced to zero due to those weather events.”
At the comeback hearing, BCTFC will seek approval of a sale and investment solicitation process for the assets of BCTFC, and for such further and other relief as may be necessary.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
BC Tree Fruits officially files for creditor protectionSevere weather, market challenges have lead to financial collapse
Read more »
'It's going to be a bloodbath': Farmers want freeze on B.C. Tree Fruits liquidation efforts‘B.C. Tree Fruits has to be restructured. It’s what keeps the industry going.’ — Amarit Lalli, Okanagan fruit farmer
Read more »
BC United Party calling for audit of BC Tree Fruits’ closureParty leader Kevin Falcon talked about the bind that Okanagan fruit growers are in because of BC Tree Fruits’ surprising announcement last week.
Read more »
BC Tree Fruits ceasing operations | Watch News Videos OnlineThe BC Tree Fruits Cooperative will no longer be accepting fruit as of Friday. The company announced crop losses, weather challenges, and a difficult market forced the Board of Directors to make the decision to shut down. Victoria Femia reports.
Read more »
B.C. Tree Fruits co-operative shutting down after 88 yearsThe B.C. Tree Fruits logo and slogan 'Look for the Leaf' urged shoppers to support B.C.-grown fruits.
Read more »
‘Not good news’: Farmers stunned as BC Tree Fruits announces surprise closureBC Tree Fruits Collective announced its sudden closure on Friday, sending its member farmers scrambling to find new ways to get their produce to market.
Read more »