The B.C Tree Fruits co-op owes more than $53 million to secured creditors, including $50 million to CIBC, according to court documents.
Despite pleas and protests, the B.C. Supreme Court has ordered the beleaguered BC Tree Fruits Cooperative to sell its assets. Victoria Femia reports.“It’s frustrating, sitting there and watching it unfold, when we know that the problem can be fixed, we just need the help,” said former BCTFC board member and Kelowna fruit grower Amarjit Lalli.
“When you’re $50 million in debt and paying interest on that type of loan, that’s growers’ money, that’s money basically out of my pocket – we need to return as much money as possible to the growers,” said Mike Mitchell, owner of B & T Orchards Ltd.For news impacting Canada and around the world, sign up for breaking news alerts delivered directly to you when they happen.
“At the end of the day all the money comes out of the growers’ pockets, it’s just another added increase to their overhead costs,” said Mitchell.
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