Big Sky Farms is out of creditor protection.
The Humboldt, Sask., hog company completed the process under the Companies’ Creditors Arrangement Act March 20 and is once again operating on its own.
The company fulfilled its obligations under a plan of arrangement developed after it filed for protection Nov. 10.
Shareholders voted overwhelmingly in favour of the plan Feb. 11, although creditors owed more than $40,000 settled for just 10 cents on the dollar.
Those owed less than $4,000 received nearly all of their money, while those in the middle saw about 30 percent.
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Many farmers who delivered feed to the company’s mills were in the first category and were not happy with the plan.
However, the plan was approved by 98 percent of those affected.
“Big Sky will now remain a viable business and will be working diligently to restore the confidence we had with suppliers since our inception in the mid-’90s,” said chief executive officer Casey Smit in a news release.
“I firmly believe that the plan we presented was the best alternative for the majority of creditors.”
Big Sky was formed by four business people in 1995 and operates in more than 20 locations in Saskatchewan and Manitoba.
