Wednesday, July 29, 2015

Organic Meadow has proposal for creditors




Organic Meadow says it will be ready by the July 31 deadline to file a plan with the court to emerge from bankruptcy protection from its creditors.

The farmer-owned business owes the Ontario milk marketing board and many others millions of dollars it was unable to repay.

The marketing board put the business on a cash-on-delivery basis which precipitated the move to seek protection from creditors under the Co-operative Creditors Arrangement Act.