Association Coopérative des Pêcheurs de l’Île Limitée / Island Fisherman’s Co-operative Association Limited

Case update

Island Fishermen's: a proposed sale process, without the WhiteCap shares

The Lamèque co-operative's members voted unanimously on September 28, it told the monitor, for a monitor-run sale. The proposed process would take bids until January 14, 2027 and leave out six holdings, among them the WhiteCap and Atlantic Queen shares, where the company and the monitor are concerned that disputes could delay approval.

7 October 2026

Case update

Island Fishermen's: WhiteCap comes off the creditor list, and the plant goes to a vote

The monitor has taken the broker WhiteCap, listed in August at US$14.1 million, off the Lamèque co-operative's creditor list under a 2018 title clause, refused two partners' insolvency-triggered share claims, and put a monitor-run sale of the plant to the members' vote on September 28.

22 September 2026

Precedent note

What a co-op member is owed

A New Brunswick fishermen's co-operative filed under the CCAA on August 12 owing its 91 members $4,669,000.41 — booked not as equity but as unsecured debt. Eight days later in Vancouver, a receiver was authorized to distribute $11.5 million to the members of another co-operative, measured in the 566,658,103 pounds of fruit they had delivered. The August 2026 record shows courts reaching past the co-operatives statutes to work out what a member is.

31 August 2026

Filing brief

Island Fishermen's: the co-operative stops buying from its owners

A Lamèque seafood co-operative incorporated in 1940 was granted CCAA protection on August 12, 2026 owing $7,890,000 to the Business Development Bank of Canada, US$14,145,000 to the broker holding its inventory, and $4,669,000 to the 91 fishermen who own it. Its forecast projects that it will not process a pound of lobster, snow crab or rock crab this fall, and that its only receipts will be $20,000 a week from the fish market at the plant door.

21 August 2026