Proceedings.

Monette Farms Ltd. and affiliated entities

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Active
Proceeding
CCAACompanies’ Creditors Arrangements Act, RSC 1985, c C-36, as amended
Court
Court of King's Bench of Alberta
File
2601-07148
Filings held50
Last activity25 Aug 2026
On the record153 days
Secured debt$598M
OverviewSummary updated

Monette Farms Ltd. and affiliated entities have been under CCAA protection in Alberta since April 21, 2026, after the April 15, 2026 maturity of the Group's Senior Facilities Agreement, a December 5, 2018 syndicated facility with a $950 million limit and approximately $830 million drawn, on which multiple events of default had occurred and which had been the subject of two waiver agreements, eight amending agreements and a forbearance agreement. A $30 million Farm Credit Canada livestock facility matured the same day; FCC issued demands and a notice to enforce security under the Farm Debt Mediation Act on April 16, 2026, with $11,809,862.49 outstanding. Audited statements as at October 31, 2025 show consolidated assets of approximately $1.24 billion against liabilities of approximately $1.08 billion. The Initial Order granted DIP Lenders' and Directors' Charges ranking behind FCC's first-ranking security.

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Case updates52 dated entries
#Sale

The court granted an approval and vesting order for the sale to Byner Cattle Company. Closing terms, as extracted: Delivery of the Monitor's Closing Certificate upon payment of the purchase price, satisfaction/waiver of closing conditions, and recognition by the US Court.

Source: Arizona Sale Approval and Vesting Order

#Report

The officer filed report no. Third Report. Farm operations have continued normally during the CCAA proceedings, with seeding completed on approximately 390,000 acres, while the Monitor conducts a SISP to sell or refinance the Group's property, including the pending Arizona asset sale.

Source: Third Report of the Monitor

#Sale

The court granted an approval and vesting order for the sale to G and K Walter Farms and Harvesting Ltd. Closing terms, as extracted: Payment of purchase price to Monitor, satisfaction/waiver of closing conditions, and delivery of Monitor's Closing Certificate trigger vesting.

Source: Hafford Sale Approval and Vesting Order

#Order

Monette Farms Ltd. and affiliated entities — CCAA filed, Alberta.

AnalysisAll insights⁠

Case update

Monette Farms: one offer for the farm at Aguila

Monette Farms' Arizona farm at Aguila drew no offers at US$22 million before the CCAA filing and one after the price fell to US$18.5 million, from Byner Cattle Company; Justice Feasby approved the sale on August 19 with the price sealed, and it cannot close until the chapter 15 court in Delaware recognizes the order.

Parties

Debtor

Monette Farms Ltd. and affiliated entities

Monitor

FTI

Bench and counselPer the orders and service lists on the record

Bench

JudgeCourtOn this docketCases on record
Justice JonesCourt of King's Bench of Alberta2 orders, May 202663 cases on record

Counsel of record

PartyCounselFirst seenSource
MonitorFTIOsler, Hoskin & Harcourt LLP
Previously Duncan & Craig LLP (last seen 5 May 2026)
5 May 2026Service list · 29 May 2026
ApplicantMonette Farms Ltd. and affiliated entitiesCassels Brock & Blackwell LLP5 May 2026Order · 5 May 2026
Foreign representativeKobre & Kim LLP22 Apr 2026Application · 22 Apr 2026
PurchaserByner Cattle Company, proposed ArizonaSnell & Wilmer L.L.P.11 Aug 2026Service list · 11 Aug 2026
PurchaserG and K Walter Farms and Harvesting Ltd., of Hafford PropertyStevenson Hood Thornton Beaubier LLP29 May 2026Service list · 29 May 2026
CreditorBallek Farms LtdMLT Aikins LLP29 May 2026Service list · 29 May 2026
CreditorBankOsler, Hoskin & Harcourt LLP5 May 2026Order · 5 May 2026
CreditorBank of Nova Scotia in relation to Equipment LeasesFasken Martineau DuMoulin LLP29 May 2026Service list · 29 May 2026
CreditorCity of Swift CurrentKanuka Thuringer LLP29 May 2026Service list · 29 May 2026
CreditorCNH Industrial Capital Canada LtdMcKercher LLP29 May 2026Service list · 29 May 2026
CreditorDamview Crop Care LtdLeland Kimpinski LLP29 May 2026Service list · 29 May 2026
CreditorFarm Credit CanadaGowling WLG (Canada) LLP29 May 2026Service list · 29 May 2026
CreditorJane EBeaumont Church LLP29 May 2026Service list · 29 May 2026
CreditorJohn Deere Financial IncBorden Ladner Gervais LLP29 May 2026Service list · 29 May 2026
CreditorLittle Potato Company LtdMcCuaig Desrochers LLP29 May 2026Service list · 29 May 2026
CreditorLouis Dreyfus Company Canada ULCMcDougall Gauley LLP29 May 2026Service list · 29 May 2026
CreditorNorthwest Refrigeration & Airconditioning LtdBiamonte, Cairo & Shortreed LLP29 May 2026Service list · 29 May 2026
CreditorNutrien AG Solutions IncBlake, Cassels & Graydon LLP29 May 2026Service list · 29 May 2026
CreditorPattison Agriculture LtdBlakes Cassels & Graydon LLP29 May 2026Service list · 29 May 2026
CreditorPlantel NurseriesStradling Yocca Carlson & Rauth LLP29 May 2026Service list · 29 May 2026
CreditorPNC Vendor Finance Corporation CanadaField Law11 Aug 2026Service list · 11 Aug 2026
CreditorScotia WealthDuncan & Craig LLP29 May 2026Service list · 29 May 2026
CreditorScotiabank Indirect Financing GroupW Law LLP11 Aug 2026Service list · 11 Aug 2026
CreditorSFA Agent and the SyndicateMcMillan LLP29 May 2026Service list · 29 May 2026
CreditorSimplot AB Retail Canada LimitedMLT Aikins LLP29 May 2026Service list · 29 May 2026
Capital structureAs asserted in the filings
stated amounts, drawn to scale
#Priority classCreditorAmountSource
4SecuredBank of Nova Scotia (as agent) and syndicate lenders (Farm Credit Canada, Bank of Montreal, Royal Bank of Canada, Canadian Imperial Bank of Commerce, TD Bank, Canadian Western Bank, Conexus Credit Uni · in 71 casesGeneral security agreement - first charge over all present and future personal property and undertakings of the Group; $2,000,000,000 first charged fixed and floating charge mortgage over all present and future acquired real property; guarantee by shareholders and combined companies — Part of syndicated credit agreement with total facilities up to $908,000,000 (2024 - $930,000,000), including $190,000,000 revolving operating facility, $718,000,000 revolving capital facility, and $12,000,000 individual borrower facility for Darrel Monette (shareholder, related party). Due April 2026; presented · as of 31 Oct 2025$598MExhibits - Affidavit of Darrel Monette
4SecuredBank of Nova Scotia (as agent) and syndicate lenders - Scotiabank syndicated USD term facility · in 71 casesSame general security agreement, $2,000,000,000 real property mortgage, and guarantee as the CAD demand loan tranche — USD-denominated facility, reported in CAD; due April 2026; same syndicated agreement and covenant non-compliance noted for the group. — debtor: Monette Farms Ltd. (combined group) · as of 31 Oct 2025$120MExhibits - Affidavit of Darrel Monette
4SecuredStockmen's Financial Ltd.Secured by specific inventory (carrying value $78,960,926) — Callable credit facility; stated credit limit of $30,000,000 (facility limit, not balance); floating rate prime plus 1.5%; due April 2026. — debtor: Monette Farms Ltd. (combined group) · as of 31 Oct 2025$25.3MExhibits - Affidavit of Darrel Monette
4SecuredDS Wealth Solutions Ltd.Non-recourse except for collateral charge over all rights, title and interest in the Group's critical illness and disability policy — 6% per annum, due in full May 2030. — debtor: Monette Farms Ltd. (combined group) · as of 31 Oct 2025$23.9MExhibits - Affidavit of Darrel Monette
4SecuredVendor (take-back mortgage) · in 2 casesSecured by land with carrying value of $16,644,000 — Interest between prime rate less 2% and prime rate; maturing February 2028. — debtor: Monette Farms Ltd. (combined group) · as of 31 Oct 2025$16.7MExhibits - Affidavit of Darrel Monette
4SecuredScotia LeasingSecured by assets under capital lease obligations (net book value $678,842) — Semi-annual instalments of $120,925 including interest at 30-day CAD-BA-CORRA plus 7.21%; due October 2026; presented as current. — debtor: Monette Farms Ltd. (combined group) · as of 31 Oct 2025$1.15MExhibits - Affidavit of Darrel Monette
5PMSI / lessorsPPSA equipment financiers (PMSI class) - CNH Industrial Capital Canada Ltd. · in 183 casesSecured by equipment with carrying value of $1,078,461 — Interest-free financing repayable in semi-annual payments, due June 2027. — debtor: Monette Farms Ltd. (combined group) · as of 31 Oct 2025$921KExhibits - Affidavit of Darrel Monette
Sale processAs stated in the filings

4 transactions · 1 not completed · 1 closed · 1 proposed · 1 approved — The Arizona Transaction is approvedArizona Sale Approval and Vesting Order · 19 Aug 2026

Bid deadline (round closed)

15 October 2026

SISP Teaser

PurchaserPriceStatusSource
unnamedthe Hafford Transactionnot statedNot completeddate not statedFirst Report of the Monitor
G and K Walter Farms and Harvesting Ltd.the property listed in the Hafford PSA, being Schedule "A" and the assets listed in Schedule "C" (the 'Hafford Purchased Assets') · real property · nominee/assignee: its nominee · agreement 9 Mar 2026not statedCloseddate not statedHafford Monitor's Certificate
Byner Cattle Companythe Arizona Purchased Assets · real property · nominee/assignee: and/or its nominee · agreement 10 Aug 2026SealedPurchase Price amount redacted/not stated in text (shown as blank in agreement)ProposedThird Report of the Monitor
Byner Cattle Companythe Purchased Lands (as defined in the Arizona PSA), including the property listed in the Arizona PSA at Schedule "A" (the 'Arizona Purchased Assets') · real property · nominee/assignee: and/or its nominee · agreement 12 Aug 2026not statedApproved19 Aug 2026Arizona Sale Approval and Vesting Order
AdvisorsProperty Brokers (listing broker)Order for SISP and Expedited SAVO Process
Closing termsDelivery of the Monitor's Closing Certificate upon payment of the purchase price, satisfaction/waiver of closing conditions, and recognition by the US CourtArizona Sale Approval and Vesting Order
Estate financialsReported figures — never derived
Total assets at filing$1.2B
Total liabilities at filing$1.1B

As at 31 Oct 2025 · per Based on the Applicants' (unaudited) financial statements, per fiscal year end aligning with harvest · Applicants (entity level; excludes Non-Applicant Stay Parties/limited partnerships) — Breakdown per financial statements: current assets $303M; accounts receivable $25M; inventories $268M; property and equipment $862M; livestock $50M; accounts payable and accrued liabilities $74M; long-term debt approx. $784M (primarily Senior Facilities Agreement obligations of $717M, matured April 15, 2026)

Cash on hand

$12.3M

As at 11 Aug 2026Third Report of the Monitor

Documents
50 filings
DateDocumentFile
Order Scheduling Omnibus Hearing DatePDF
Arizona Sale Approval and Vesting Order
  • Closing terms Delivery of the Monitor's Closing Certificate upon payment of the purchase price, satisfaction/waiver of closing conditions, and recognition by the US Court
  • Order date 19 August 2026
  • Purchaser Byner Cattle Company · nominee/assignee and/or its nominee · the Purchased Lands (as defined in the Arizona PSA), including the property listed in the Arizona PSA at Schedule "A" (the 'Arizona Purchased Assets') · real property · approved
  • Sale outcome Sale approved — The Arizona Transaction is approved
PDF
Service Letter to Service List re 19 August, 2026 Service of Order
  • Counsel McCUAIG DESROCHERS LLP
PDF
Fourth Affidavit of Darrel MonettePDF
Service Letter to Service List re 11 August 2026 Application Materials
  • Counsel Snell & Wilmer LLP
PDF
Third Report of the Monitor
  • Cash on hand $12.3M · As at: 2026-07-31 · Qualifier: approximately
  • Operational summary Farm operations have continued normally during the CCAA proceedings, with seeding completed on approximately 390,000 acres, while the Monitor conducts a SISP to sell or refinance the Group's property, including the pending Arizona asset sale.
  • Purchaser Byner Cattle Company · nominee/assignee and/or its nominee · the Arizona Purchased Assets · real property · price sealed · proposed
  • Report date 12 August 2026
  • + 2 more extracted facts
PDF
SISP NDAPDF
SISP Teaser
  • Bid deadline 15 October 2026
PDF
Order for SISP and Expedited SAVO Process
  • Bid deadline 15 October 2026
  • Order date 12 June 2026
  • Sale advisor Property Brokers (listing broker)
  • Sale outcome Sale process approved — SISP approved and expedited sale approval and vesting order process authorized
PDF
Order for Stay Extension
  • Order date 12 June 2026
  • Stay extended to 13 November 2026
PDF
SISP Procedure
  • Bid deadline 15 October 2026
PDF
Second Report of the Monitor
  • Sale outcome Sale process approved — The Applicants filed a notice of application seeking approval of a proposed sales and investment solicitation process (SISP) and an expedited sale approval and vesting order process, not yet approved by the Court as of this Report.
PDF
ApplicationPDF
Bench Brief of the ApplicantsPDF
Book of Authorities of the ApplicantsPDF
Service Letter to Service List re 01 June 2026 Application MaterialsPDF
Third Affidavit of Darrel MonettePDF
Service List
  • Counsel Stevenson Hood Thornton Beaubier LLP
PDF
Hafford Monitor's Certificate
  • Closing confirmed Closed · date not stated · G and K Walter Farms and Harvesting Ltd.
PDF
Notice of Amended AgendaPDF
Order Granting Verified PetitionPDF
Certification of Counsel Regarding Foreign Representative's Order Granting Verified PetitionPDF
Notice of Agenda of Matters Scheduled for HearingPDF
Supplement in Support of Verified Petition
  • Counsel Kobre & Kim LLP
PDF
Supplemental Declaration of Deryck Helkaa in Support of Verified PetitionPDF
Supplemental Declaration of Jeffrey Oliver in Support of Verified PetitionPDF
Order - Lift Stay as against The Bank of Nova Scotia
  • Counsel Cassels Brock & Blackwell LLP
  • Order date 1 May 2026
  • Presiding officer Justice M.H. Bourque
PDF
Amended and Restated Initial Order
  • Order date 1 May 2026
  • Stay expiry 19 June 2026
PDF
CCAA Initial Order
  • Applicant Monette Farms Ltd., Monette Farms Ontario Corp., Nexgen Seeds Ltd., Monette Produce Ltd., Monette Seeds Ltd., Monette Land Corp., DMO Holdings Ltd.
  • Appointee FTI Consulting Canada Inc.
  • Appointee role monitor
  • Commencement date 21 April 2026
  • + 3 more extracted facts
PDF
Hafford Sale Approval and Vesting Order
  • Closing terms Payment of purchase price to Monitor, satisfaction/waiver of closing conditions, and delivery of Monitor's Closing Certificate trigger vesting
  • Order date 1 May 2026
  • Purchaser G and K Walter Farms and Harvesting Ltd. · nominee/assignee its nominee · the property listed in the Hafford PSA, being Schedule "A" and the assets listed in Schedule "C" (the 'Hafford Purchased Assets') · real property · approved
PDF
Sealing Order
  • Presiding officer Justice C.M. Jones
PDF
Affidavit of Cian McDonnelPDF
Application of The Bank of Nova ScotiaPDF
First Report of the Monitor
  • Closing confirmed Did not complete · date not stated
  • Sale outcome Approval pending — Hafford Transaction anticipated to close April 30, 2026 but did not close prior to Initial Order; Applicants seeking approval to complete
PDF
Second Affidavit of Darrel Noel MonettePDF
Creditor ListingPDF
Notice to CreditorsPDF
Order Granting Provisional ReliefPDF
Form 401 PetitionsPDF
Joint Administration MotionPDF
Motion for Provisional Relief with Proposed OrderPDF
Motion for Scheduling Recognition Hearing
  • Counsel Kobre & Kim LLP
PDF
Notice of Chapter 15 Petitions and Hearing AgendaPDF
Supporting Declaration of Deryck HelkaaPDF
Supporting Declaration of Jeffrey OliverPDF
Verified Petition with Proposed OrderPDF
Affidavit of Darrel Monette
  • Financial position Assets $1.24B · Liabilities $1.08B · as at 31 Oct 2025 · per 2025 audited Financial Statements; assets booked at cost, not reflective of market value · consolidated, Group basis (all Applicants and subsidiaries) — Total assets ~$1.24 billion (current assets ~$303 million; non-current assets ~$937 million). Total liabilities ~$1.08 billion (current liabilities ~$1.04 billion; non-current liabilities ~$40 million). Majority of current liabilities (~$830 million) consist of obligations under the Senior Facilities Agreement, which matured April 15, 2026.
  • Secured creditors Note: Amount not stated. · Page: 33 · Debtor: Monette Farms Ltd. · Creditor: 101076904 Saskatchewan Ltd. · Currency: CAD · Security: Commercial lien
PDF
Exhibits - Affidavit of Darrel Monette
  • Secured creditors $120M · Note: USD-denominated facility, reported in CAD; due April 2026; same syndicated agreement and covenant non-compliance noted for the group. · Page: 236 · As of: 2025-10-31 · Debtor: Monette Farms Ltd. (combined group) · Creditor: Bank of Nova Scotia (as agent) and syndicate lenders - Scotiabank syndicated USD term facility · Security: Same general security agreement, $2,000,000,000 real property mortgage, and guarantee as the CAD demand loan tranche
PDF
Originating Application
  • Applicant MONETTE FARMS LTD., MONETTE FARMS ONTARIO CORP., NEXGEN SEEDS LTD., MONETTE PRODUCE LTD., MONETTE SEEDS LTD., MONETTE LAND CORP., DMO HOLDINGS LTD., DMO HOLDINGS USA, INC., MONETTE SEEDS USA, LLC, MONETTE FARMS ARIZONA, LLC, MONETTE FARMS USA, INC., 1012595 DE INC., MONETTE PRODUCE, LLC, GOAT’S PEAK
  • Appointee FTI Consulting Canada Inc.
  • Appointee role court-appointed monitor
  • Commencement date 20 April 2026
  • + 4 more extracted facts
PDF
Pre Filing Report of the Proposed Monitor
  • Financial position Assets $1.2B · Liabilities $1.1B · as at 31 Oct 2025 · per Based on the Applicants' (unaudited) financial statements, per fiscal year end aligning with harvest · Applicants (entity level; excludes Non-Applicant Stay Parties/limited partnerships) — Breakdown per financial statements: current assets $303M; accounts receivable $25M; inventories $268M; property and equipment $862M; livestock $50M; accounts payable and accrued liabilities $74M; long-term debt approx. $784M (primarily Senior Facilities Agreement obligations of $717M, matured April 15, 2026)
  • Secured creditors Note: Amount not stated; referenced only in DIP covenant requiring prompt payment of interest on this debt alongside Existing Senior Secured Obligations · Page: 96 · Debtor: DIP Loan Parties / Borrowers · Creditor: The Bank of Nova Scotia (Bi-Lateral Leased Equipment financing) · Currency: CAD · Security: Leased equipment financing referred to as the 'BNS Bi-Lateral Leased Equipment Debt'
PDF

Filing titles, dates, and extracted key facts are public.

CiteProceedings., “Monette Farms Ltd. and affiliated entities” (CCAA), Court of King's Bench of Alberta. Retrieved 20 September 2026, https://proceedings.ca/case/monette-farms-ltd-and-affiliated-entities

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Sources last checked · summary updated 8 August 2026 · Report a correction · Printed from proceedings.ca/case/monette-farms-ltd-and-affiliated-entities

Facts and summaries are extracted automatically from the court filings linked on each page; the filings remain the authoritative record. Suggested corrections are reviewed against the source filings.