A Canadian judge has approved the previous plan for Monette Farms to sell 275,000 acres to satisfy creditors.
This sets up one of the largest single cross continental land sales across Saskatchewan, Manitoba, BC, Arizona, Montana, and Colorado.
It also extends creditor protection so the business operations can continue through the growing season into November (November 13). As of June 1, 84% of its farmland had been seeded.
Since the news came out in April that one of the largest North American farms was facing financial issues and a court-forced restructuring, the courts have supported efforts to maintain its row crop operations in effort to pay down its debts.
Two major transactions have occurred since late April:
- On May 13, $28.9 million of land was sold to be distributed among the lenders owed.
- And, the business’ cattle herd was sold for $30 million which was paid to Farm Credit Canada.
With this latest judge’s approval on June 12 of the massive land sale, the court continues to support the idea of simplifying this process. There’s an expedited approval process for transactions under $30 million to reduce costs.
Read more about Monette Farms:
Monette Farmland to be Sold to Satisfy Creditors
One of North America’s Largest Farms Files for Financial Protection, Is Restructuring
