Court documents say BC Tree Fruits Cooperative owes $53,236,756.41 to secured creditors, including $50,825,051.81 to the Canadian Imperial Banking Corporation.
The court-ordered sale of Okanagan fruit-growing facilities Aug. 26 could lead to a glut of low-priced fruit in the fall followed by Canadians having to purchase imported produce, one producer says.
The process involves properties in Summerland, Keremeos and Oliver, the last being a packing plant the industry relies on. “It was really disappointing,” Lalli told reporters. “The really disappointing thing is the provincial government took no stand in the matter. It says a lot about the state of the agriculture situation in B.C. and where we’re headed.”“We will rebuild the company,” Lalli said. “We will streamline.”
Still, she said, it's those cooperative members who are the true owners and who have suffered financially as a result of the cooperative’s problems. Douglas Pankiw, the co-op's interim chief executive officer and chief financial officer, made the statements this week in an affidavit.
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