Community Pork Ventures will remain under court protection from its creditors for another month.
The Court of Queen’s Bench in Regina last week agreed with the company’s request for an extension under the Companies’ Creditors Arrangement Act. However, it granted that protection only until Feb. 17. The company had asked for a March 17 date.
The initial 30-day order was granted Dec. 17.
Community Pork continues to work on its restructuring proposal with the help of a monitor, PriceWaterhouseCoopers.
In a news release, CPV president and chief executive officer John Hicke said the company and its 16 subsidiary hog producers in Saskatchewan and Manitoba are “working diligently to develop a viable restructuring plan.
“In this regard, we have sought and received input and advice from the monitor and within the next two weeks will be seeking further input from our senior lenders and other selected secured creditors,” Hicke said.
The final plan will address the needs of creditors, CPV and subsidiaries, he said.
