monette farms news

Legal proceedings are expected to continue this week in Calgary for debt-ridden Monette Farms. In a letter from company president Darrel Monette, the gigantic Saskatchewan-based Monette Group announced recently it had filed a “pro-active response” under Canada’s Companies’ Creditors Arrangement Act (CCAA) to restructure its business while dealing with $900 million in financial obligations. Court documents revealed during last week’s initial CCAA application that the Bank of Nova Scotia , which leads a group of secured lenders owed $830 million, was first among more than 300 companies and indiv