The deadline for bids on the land and assets of Monette Farms has passed, marking another step in the court-supervised restructuring of one of North America’s largest farming operations.
Offers were due October 15 under the Sale and Investment Solicitation Process, a restructuring framework approved by the court after Monette Farms entered creditor protection earlier this year.
Scale of the Operation
Monette Farms owned about 274,000 acres of farmland and leased a further 218,000 acres. Its holdings spanned Alberta, Saskatchewan, Manitoba and British Columbia, as well as several U.S. states, making it one of the largest farming enterprises on the continent.
Bids Under Review
With the submission period closed, Monette Farms, the court-appointed monitor and members of the lending syndicate are now reviewing the offers that came in. The process could lead to a range of outcomes, including the sale of land, the sale of parts of the business, new investment, refinancing arrangements, or some combination of these options.
The company entered creditor protection earlier this year while owing more than $900 million to secured creditors.
Next Steps in Court
Any transfer or sale of property arising from the process will require approval from the Alberta Court of King’s Bench before it can be finalized. Monette Farms remains under creditor protection until November 13, though an extension could be sought if more time is needed to complete any transactions.
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