Saskatchewan Wheat Pool disputes a claim by its banks that it did not comply with all the terms of its credit agreements.
The banks say the pool did not deliver all of its documentation on time and is in default.
“They believe that there is apparently a limited amount of information that’s non-financial in nature that they didn’t receive delivery of within a specific time frame and our records show that that’s not the case,” said pool CEO Mayo Schmidt. “It’s paperwork.”
Schmidt said the company believes there are no “actionable defaults” and has advised the banks of its position.
The banks, meanwhile, have agreed to hold off acting on their claim providing there continues to be progress on the pool’s financial restructuring. That process is to be complete by Jan. 31.
Schmidt said the banks support the restructuring proposal. However, it also requires the approval of medium-term note holders.
