A plain-language read of this filing opens with a subscription.
What we verified from this filing16 verified
- financial positionnote: 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. · page: 26 · as at: 2025-10-31 · basis: 2025 audited Financial Statements; assets booked at cost, not reflective of market value · scope: consolidated, Group basis (all Applicants and subsidiaries) · currency: CAD · total assets: 1240000000 · total liabilities: 1080000000
- secured creditorsnote: Outstanding amount is an approximation from debt summary table; para 111 similarly states approx $830 million (current liabilities). Original facility limit $950 million (Dec 5, 2018), matured April 15, 2026. Multiple events of default occurred; no demand issued as of affidavit but expected shortly. Guarantees by Darrel Monette (director/CEO/controlling shareholder) and Monette Farms Family Trust are related-party security. · page: 26 · amount: 829500000 · debtor: Monette Farms Ltd. (Canadian borrower), Monette Farms USA, Inc. (USA borrower), Darrel Noel Monette (individual borrower); remaining Group entities as guarantors · creditor: Bank of Nova Scotia (Scotiabank), as SFA Agent, on behalf of the Syndicate of lenders under the Senior Facilities Agreement · currency: CAD · security: General security agreement over all personal and real property of the Group (SFA Collateral Agreements); $2 billion limited recourse personal guarantee by Darrel Monette secured by GSA over his interests in Applicants; limited recourse guarantee by Monette Farms Family Trust secured by share pledge over Family Trust's shares in Applicants
- secured creditorsnote: EDC performance security guarantee (PGS-05-082492E-00) in force until Oct 31, 2026; intercreditor agreement between EDC and Syndicate not signed; Applicants intend to allow Grain Licence to lapse, which would allow this facility and guarantee to lapse unused. · page: 29 · amount: 6000000 · debtor: Monette Farms Ltd. and Monette Seeds Ltd. · creditor: Bank of Nova Scotia (Scotiabank), LC Facility backed by Export Development Canada (EDC) performance security guarantee · currency: CAD · security: Irrevocable letter of credit securing Grain Licence bond requirement under the Grain Act; originally $8 million, reduced to $6 million
- secured creditorsnote: FCC Loan Agreement (Dec 4, 2024, $30 million facility) matured April 15, 2026 and was not repaid; on April 16, 2026 FCC issued demands and notice to enforce security under the Farm Debt Mediation Act. Debt summary table states approx $11.8 million; exact April 16, 2026 balance used. · page: 29 · as of: 2026-04-16 · amount: 11809862.49 · debtor: Monette Farms Ltd. (borrower); other Applicants as unsecured guarantors · creditor: Farm Credit Canada (FCC) · currency: CAD · security: Security interest in cattle purchased with FCC Facility proceeds and proceeds thereof; FCC Priority Agreement (Dec 2, 2024) gives FCC priority over Syndicate security up to amount of FCC Facility
- secured creditorsnote: Vendor take-back debt, originally $18 million (March 2024) for purchase of Airdrie Real Property. Removed as 'Permitted Debt' under Senior Facilities Agreement via November 2025 Forbearance Agreement because its maturity exceeded 4 years, triggering an event of default under the Senior Facilities Agreement. · page: 30 · as of: 2026-04-17 · amount: 16666500 · debtor: Monette Farms Ltd. · creditor: Soderglen Ranches Ltd. and Jane E. Grad · currency: CAD · security: First-ranking mortgage dated April 12, 2024 over the Airdrie Real Property (Soderglen VTB Mortgage)
- secured creditorsnote: Equipment leased to a third party in exchange for warrants; Group has limited recourse against the equipment absent bank enforcement. · page: 31 · as of: 2026-04-17 · amount: 5611406.11 · debtor: Group entities party to the Bilat Equipment Agreement (dated Sept 1, 2022) · creditor: Bank of Nova Scotia (Scotiabank) - Bilateral Leased Equipment Loan (Pea Protein Equipment facility) · currency: CAD · security: Security interest over Pea Protein Equipment located in Lethbridge under Scotiabank Leasing Lease dated August 24, 2022
- secured creditorsnote: Aircraft is in the process of being sold; facility to be repaid and closed upon sale. · page: 31 · as of: 2026-04-17 · amount: 1171619.77 · debtor: Group entities party to the Bilat Equipment Agreement (dated Sept 1, 2022) · creditor: Bank of Nova Scotia (Scotiabank) - Bilateral Leased Equipment Loan (Aircraft facility) · currency: CAD · security: Security interest over 2003 Raytheon Beechcraft 390 Premier I aircraft (serial RB-16), engines, avionics and components, under Scotiabank Leasing Equipment Finance Contract dated September 9, 2020
- secured creditorsnote: Original debt $12 million (2023); currently $7.7 million outstanding; repayable on demand; guaranteed personally by Darrel Monette (director/CEO/controlling shareholder) - related party; designated 'Permitted Debt' under Senior Facilities Agreement. · page: 31 · as of: 2026-04-17 · amount: 7700000 · debtor: Monette Farms Ontario Corp. (original borrower); Monette Farms Ltd. (policy holder/beneficiary) · creditor: Bank of Nova Scotia (Scotiabank) - Scotia New Life Policy Debt · currency: CAD · security: Assignment over life insurance policy (Sun Life Assurance / Manufacturers Life) on Darrel Monette
- secured creditorsnote: Amount not stated as a balance; total yearly lease payments approx $17.43 million, of which approx $5 million paid so far, remainder to be paid when due. Leases largely paid up front, 12-month terms. · page: 32 · debtor: Applicants (Group) · creditor: John Deere Financial · currency: CAD · security: 481 PPSA registrations self-described as PMSIs, covering over 1,600 leased farming units under the John Deere Leases
- secured creditorsnote: Amount not stated. · page: 32 · debtor: Monette Farms Ltd. · creditor: Rabobank Canada · currency: CAD · security: PPSA registration in Saskatchewan over all crop inputs, seed, chemicals, fertilizer, fuel used, proceeds, crop protection products and all crops growing or grown by Monette Farms
- secured creditorsnote: Amount not stated. · page: 32 · debtor: Monette Farms Ltd. · creditor: AgriTeam Services Inc. · currency: CAD · security: PPSA registration in Saskatchewan over all products purchased by Monette Farms from AgriTeam and all crops produced therefrom
- secured creditorsnote: Amount not stated. · page: 32 · debtor: Monette Farms Ltd. and NexGen Seeds Ltd. · creditor: Simplot AB Retail Canada Limited · currency: CAD · security: PPSA registration in Saskatchewan and Manitoba over all crop inputs, proceeds, crop protection products and crops growing or grown by Monette Farms or NexGen
- secured creditorsnote: Amount not stated. · page: 32 · debtor: Monette Farms Ltd. · creditor: Swan Valley Consumers Cooperative Limited · currency: CAD · security: PPSA registration in Manitoba over all crop inputs and crop protection products, and crops growing or grown by Monette Farms
- secured creditorsnote: Amount not stated. · page: 33 · debtor: Monette Farms Ltd. · creditor: Kal Tire · currency: CAD · security: Garage keepers' lien
- secured creditorsnote: Amount not stated. · page: 33 · debtor: Monette Farms Ltd. · creditor: 101076904 Saskatchewan Ltd. · currency: CAD · security: Commercial lien
- secured creditorsnote: Aggregated PMSI-class equipment financiers. Debt summary table states aggregate 'Other PMSIs' outstanding of approximately $26 million (para 112), covering these registrations together with crop-input registrants; not broken down per creditor. · page: 33 · debtor: Applicants (Group) · creditor: PPSA equipment financiers (PMSI class) - Meridian Onecap Credit Corp., Brandt Finance Ltd., Brandt Tractor Ltd., PNC Vendor Finance Corporation Canada, CNH Industrial Capital Canada Ltd., Cangas Propane Inc. · currency: CAD · security: 21 serial-numbered or other registrations in respect of various farming and rural equipment