The list of creditors in the Broadacre Agriculture bankruptcy protection case continues to grow.
There are now 105 claims for a total of $78.6 million, up from the original total of $46 million, according to the third report from the monitor, PricewaterhouseCoopers.
“The monitor and its counsel are continuing to work with Broadacre and certain creditors to evaluate and process the remaining claims,” the monitor said in the report.
Broadacre was one of the biggest farms in Saskatchewan’s history. It was incorporated in 2010 as a company that would buy large tracts of land and exploit the economies of scale associated with running a massive farming operation.
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The company made a big splash with the 2012 purchase of Wigmore Farms and its 40,000 acres of leased and owned farmland in southern Saskatchewan. The goal of the firm was to farm more than 200,000 acres. Instead, it owned 9,000 acres and leased 56,000 acres in Saskatchewan when it was placed under bankruptcy protection.
The monitor has approved 38 claims worth $22.3 million. It has disallowed 57 claims valued at $3.5 million. An unspecified number of claims worth $11.7 million have been partially accepted. Another 10 land lease, secured and unsecured claims worth $41.1 million have yet to be reviewed.
The monitor did not respond to interview requests seeking clarification on the claims process.
sean.pratt@producer.com
