Lakeside Produce declares bankruptcy, owing $188 million
North America’s produce industry will be rocked by the bankruptcy of Lakeside Produce Inc., in Leamington, Ontario. The firm faces total claims of $187,889,241. Lakeside lists assets at $3,580,233. The bankruptcy was filed on Jan. 17.
DRC – the Dispute Resolution Corporation - in Ottawa, on Jan. 24 shared with FreshFruitPortal.com the public records from the Government of Canada Bankruptcy and Insolvency Records and Industry Canada.
In this stunning development, there are exactly 300 creditors listed in the official papers. The creditor with the single biggest claim against Lakeside is the Bank of Montreal and Farm Credit Canada syndicate, which is owed $166,013,444.00. On the industry side, Nature Fresh Farms takes the biggest hit, being owed $907,840.00. Another Leamington neighbor, Ag World Wide Imports, has receivables worth $894,896.22. Dozens of other growers, ranging across North America - from Leamington to southern Mexico - are listed as creditors. A seed company and many trucking and logistics companies are individually owed hundreds of thousands of dollars.
The creditors’ meeting is to be February 2, 13:00, Ontario time. The telephone number is 1-647-749-1785 and the phone conference ID is 108 895 248.
The Lakeside bankruptcy is being handled in the Municipality of Leamington by trustee: Stuart Clinton. Ernst & Young Inc. is the licensed insolvency trustee.
Only recently, in happier days, Lakeside described itself as “a Canadian-based, family-owned produce company. Lakeside is one of the top growers and distributors of fresh hot house fruits and vegetables in North America with facilities in Ontario, Michigan, and Texas.”