Alberta · CCAA
Pre Filing Report of the Proposed Monitor
Pre-filing report · 18 April 2026
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What we verified from this filing5 verified
- financial positionnote: 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) · page: 12 · as at: 2025-10-31 · basis: Based on the Applicants' (unaudited) financial statements, per fiscal year end aligning with harvest · scope: Applicants (entity level; excludes Non-Applicant Stay Parties/limited partnerships) · currency: CAD · total assets: 1200000000 · total liabilities: 1100000000
- secured creditorsnote: Amount is per Applicants' financial statements as at fiscal year end Oct 31, 2025, described as 'long term debt of approximately $784 million (primarily the obligations under the Senior Facilities Agreement of $717 million, which matured on April 15, 2026)'; personal guarantees from Darrel Monette (Individual Borrower and guarantor) and Monette Farm Family Trust (guarantor, related party); facility subject to numerous waiver/amending/forbearance agreements since Oct 2024 · page: 12 · as of: 2025-10-31 · amount: 717000000 · debtor: Monette Farms Ltd. (Canadian Borrower), Monette Farms USA, Inc. (US Borrower), and other Group members as guarantors · creditor: Syndicate of lenders (The Bank of Nova Scotia, as SFA Agent) under the Senior Facilities Agreement · currency: CAD · security: Security interests (including general security agreements) in substantially all personal and real property of the Group in Canada and the United States; Senior Facilities Agreement credit facility limit of $930,000,000 ($950,000,000 including accordion); Operating Facility limit $180,000,000 (with Swingline sub-facility limit of $10,000,000); Capital Facility limit $719,500,000
- secured creditorsnote: Amount described as 'currently estimated at approximately $11.8 million'; no specific balance date given · page: 17 · amount: 11800000 · debtor: Applicants (feeder cattle financing) · creditor: Farm Credit Canada (FCC) · currency: CAD · security: First-ranking, perfected security interest under Loan and Security Agreement (Livestock) dated December 4, 2024, over feeder cattle
- secured creditorsnote: Amount not stated in the document · page: 84 · debtor: Monette Farms Ltd. (Canadian Borrower) · creditor: Soderglen Ranches Ltd. and Jane E. Grad · currency: CAD · security: Vendor take-back loan; validly perfected lien in connection with purchase of real property in Airdrie, Alberta
- secured creditorsnote: 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'