Key takeaways
Monette Farms has applied to the Court of King's Bench of Alberta to extend its CCAA stay of proceedings from Nov. 13 to Nov. 25, with a hearing set for Nov. 10.
Binding bids in the court-supervised sale closed Nov. 3, and the sale process is now set to end Dec. 4, with no bid count, bidders or values disclosed.
About $88.2 million of the $90 million DIP loan was drawn as of Oct. 23, and receipts ran about $25 million below forecast.
Source: AgWeb
Monette Farms, the Swift Current-based operation under Companies' Creditors Arrangement Act (CCAA) protection, is asking the Court of King's Bench of Alberta to extend its stay of proceedings from Nov. 13 to Nov. 25. Justice D.R. Mah is scheduled to hear the application Nov. 10 by video.
The company says it needs the time to close transactions and keep the court-supervised sale moving. In his fifth affidavit, president and CEO Darrel Monette says no party will be materially prejudiced. Court monitor FTI Consulting Canada says there will be no material prejudice to creditors, but stops short of saying it recommends the extension.
Where the land sale stands
The binding bid deadline for the roughly 274,000 acres was moved from Oct. 15 to Nov. 3. The sale process end date moved to Dec. 4.
The filings don't disclose how many bids came in, who made them, or what they're worth.
A court-approved Arizona farmland sale from Aug. 19 still hadn't closed as of Nov. 2.
Monette is also disclaiming an aircraft sale in favour of a competing offer that would substantially repay Bank of Nova Scotia.
Cash and crop
About $88.2 million of the $90 million debtor-in-possession loan was drawn as of Oct. 23, and cash sat around $7.2 million.
The monitor forecasts $47.9 million in receipts from Oct. 24 to Nov. 27, mostly from grain, but says it gives no assurance the forecast will be met.
The 2026 crop: about 385,000 acres seeded and about 500,000 tonnes harvested, with roughly 3,000 acres left in northern Saskatchewan and Manitoba.
What it means: the Dec. 4 sale deadline is the date to watch. That's when Prairie farmers near Monette land should start learning who is buying, and how the bids compare with recent local sales.
Follow every date on our Monette Farms land sale tracker, and see today's full Daily Kernel edition.
