A B.C. Supreme Court judge has granted a stay of proceedings to the BC Tree Fruits Cooperative as it seeks creditor protection

The order was granted by Madam Justice Gropper on Aug. 13 following the BCTFC香蕉视频直播檚 filing for creditor protection on Aug. 12. The order means no proceedings 香蕉视频直播渕ay be commenced against or in respect of the company香蕉视频直播� during the stay period. The next hearing in the proceeding is scheduled for Aug. 23

The BCTFC was issued a demand for repayment and notices of more than $50 million worth of debt on Aug. 26 by CIBC under the Bankruptcy and Insolvency Act. 

On July 26 the BCTFC announced it was ceasing operations, stating it was done to allow growers the opportunity to find other avenues to pack and market their fruit.

香蕉视频直播淭he decision to file for creditor protection stems from BCTFC香蕉视频直播檚 current liquidity crisis,香蕉视频直播� read a statement from the BCTFC. 

It also cites several factors that led to the crisis including decreasing tree fruit volumes, an increase in local packing house competition, aging facilities and equipment, market pricing pressures locally and from Washington State, a reduction in contracted growers/members, and impacts from a changing climate.

According to the BCTFC statement, a 2022 consolidation plan to modernize equipment and divest aging properties, meant to increase efficiencies and reduce overhead costs, was met with attempts to block property sales, make board changes, or change board governance.

香蕉视频直播淭hese disruptions delayed the planned property sales and the timing of equipment installation, which reduced the potential grower returns for the 2023 and 2024 crop.香蕉视频直播� 

Severe weather in 2024 resulted in an approximately 90 per cent reduction in cherries and all other stone fruits were reduced to zero, the statement said.

Apple crop numbers showed about a 50 per cent reduction in projected volumes from 2023 levels, significantly less than expected. 

Premier David Eby met with Okanagan growers in Penticton on Aug. 13 and announced several supports for farmers.

They included increasing compensation from the province's AgriStability program, and funding to build resiliency against future extreme weather. 

The premier added his government will monitor the creditor protection proceedings and did not rule out the province purchasing BCTFC香蕉视频直播檚 assets to preserve them for farmers.