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.
Parties
Debtor
Picture Butte Feeder Cooperative
Restructuring officer
Alvarez & Marsal
Capital structureAs asserted in the filings
stated amounts, drawn to scale
Priority class
Creditor
Amount
Source
Secured
Bank of Montreal (as Agent) and syndicate of Lenders · in 279 casesas of Restructuring Date — Revolving credit facilities under First Amended and Restated Credit Agreement dated October 19, 2022, total maximum facility amount $335,000,000; approximately $275 million utilized in active Cattle Loans and Equity Loans as at Restructuring Date — Facility limit ($335M) is distinct from outstanding utilization ($275M, the reported balance); 15% Provincial Guarantee under FALG Program applies to total facility amount — debtor: Picture Butte Feeder Cooperative
$275M
PBFC – First Report
Secured
Swingline/prime loan account lenders (BMO-led syndicate)Swingline (line of credit) account under Credit Agreement — Opening swingline balance at start of Reporting Period; figures in CAD 000s per statement header — debtor: Picture Butte Feeder Cooperative · as of 21 Feb 2025
$10.4M
PBFC – First Report
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RecoveriesAs stated in the filings
Closed · the record states no distribution outcome.
Sources are not crawled for this matter — the record arrives by direct ingest · record updated 31 August 2026 · Report a correction · Printed from proceedings.ca/case/picture-butte-feeder-cooperative
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.