Lakeside bankruptcy: More insight into the story

More insight into Lakeside bankruptcy

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More insight into Lakeside bankruptcy

As reported on on Jan. 25, Lakeside Produce Inc., in Leamington, Ontario, filed for bankruptcy in Canada on Jan. 17. Lakeside faces total claims of $187,889,241.

On Jan. 25, asked the Fruit and Vegetable Dispute Resolution Corporation, Ottawa, Ontario, about the bankruptcy’s next legal steps. Jaime Bustamante, DRC’s director of trading assistance says if there are companies who are creditors to Lakeside who have not been formally informed of the bankruptcy, they should immediately notify and verify with the licensed insolvency bankruptcy trustee, Ernst & Young.

The Government of Canada Bankruptcy and Insolvency Records confirm Lakeside’s bankruptcy filing, which is public information. The other bankruptcy documents, which are also public, can be obtained from the “Document Centre” of Ernst & Young Inc. Lakeside bankruptcy is being managed in the Municipality of Leamington.

The creditors’ meeting will be Feb. 2, 13:00, Ontario time. The telephone number is 1-647-749-1785 and the phone conference ID is 108 895 248.

Bustamante has worked in produce industry for 23 years. He has never seen a bankruptcy as large as $188 million.

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.

Lakeside is a Canadian-based, family-owned produce company. It has grown and distributed fresh hot house fruits and vegetables in North America with facilities in Ontario, Michigan, and Texas.

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