July 7, 2019
ILTA Grain, a Surrey, British Columbia-based grain producer, filed for protection under the CCAA on July 7, listing $149.5MM in liabilities. Founded in 2011, the company has become one of the two largest processors of quality grains in Canada, operating from six state-of-the-art facilities in Saskatchewan. As part of its growth strategy, the company has made significant efforts to export its products internationally. Over the past few years, however, the company has faced increasingly challenging international trade conditions as countries such as India, China and Saudi Arabia have decided to limit, and in some cases, entirely discontinue their Canadian imports. The reduction in international sales, coupled with a highly leveraged balance sheet, has left the company without the working capital necessary to fund operations and service its debt. While under creditor protection the company will explore its strategic alternatives, including conducting a sale and investment solicitation process. PwC was appointed monitor. Stikeman Elliott is counsel for the company.