Land and property owned by Monette Farms and associated companies in B.C., Saskatchewan and Manitoba will be up for sale if an application to Court of King’s Bench in Calgary is approved on June 12.
Monette was granted creditor protection on April 21.
Now an application has been made to allow FTI Consulting, the court-appointed monitor to sell Monette’s Canadian lands as long as the proposed aggregate purchase price for each sale is equal to or less than $30 million.
The wide scope of this sales approval is being sought to facilitate the process.
Unlike the attempts by Monette to sell land before creditor protection was granted, this sales effort would involve brokers acting on behalf of the monitor.
The proposed commencement date for the sales process is June 29 at which time a teaser letter would be send to all known potential bidders. Bids would be accepted up until October 15.
Total liabilities for Monette and associated companies are in the range of a billion dollars.
The most recent court documents show that Monette has disposed of cattle and used the proceeds to repay amounts owing to Farm Credit Canada.
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