This past week ILTA Grain Inc. announced it was granted creditor protection under the Companies’ Creditors Arrangement Act (CCAA). In a letter to its vendors and suppliers dated July 8th, 2019, CEO Dan Burneski stated the decision to file was not taken lightly, but “a necessary step” to address its financial situation.
“The CCAA filing means that we remain in control of our property and business, although we are now operating under the supervision of PricewaterhouseCoopers Inc. (“PwC”), the Court-Appointed Monitor of the CCAA proceedings,” the statement reads.
The British Columbia-based company says it will start to restructure, and plans to continue to operate the business, and they “intend to pay you for any goods and services provided to the Company on and after July 8, 2019 in accordance with the existing terms of our arrangements.”
In the afternoon on July 12th, the Canadian Grain Commission tweeted:
— Grain Commission (@Grain_Canada) July 11, 2019
“We have suspended the licences of ILTA Grain Inc. of Surrey, BC, as of July 11, 2019. If you’re owed money by this company, contact us immediately.”
ILTA Grain operates six facilities in Saskatchewan, specializing in pulse crops. Canadian pulse crop exports have been under serious pressure in the last two years, stemming from outstanding trade issues with India, a major pulse buyer.