Producers who weren’t paid for deliveries to Global Food and Ingredients Inc. (GFI) will be paid 75 cents on the dollar for their claims the Canadian Grain Commission (CGC) said today.
The CGC is also working with GFI’s receiver to realize on proceeds from the sale of the company’s grain inventory. Those with outstanding elevator receipts may receive a portion of the funds once the receivership is concluded.
GFI, headquartered in Toronto, was a plant-based and plant protein company with sites in Saskatchewan. It purchased peas, lentils, chickpeas and other high-protein crops.
The company announced in May it would wind down operations as it couldn’t service its debts. In a May news release, the company blamed “recent macro-economic events” that made obtaining ingredients difficult and led to a decline in revenue.
The CGC said it received 29 eligible claimes totalling $2.661 million for unpaid deliveries to GFI. The company had $2 million in security, so …