Global Food and Ingredients Inc. et al., which carry on business in Ontario and Saskatchewan as a purchaser and processor of plant-based foods and ingredients, were placed in receivership on May 30 on separate application by the company’s two lenders, its ABL lender Siena Lending Group Canada LLC (owed approximately $7 million) and its term loan lender Farm Credit Canada (owed approximately $15 million). The lenders are parties to an intercreditor agreement and hold priority over different asset pools.

Richter was appointed receiver over the ABL collateral and FTI was appointed receiver over the term loan collateral.

The company began experiencing financial distress in 2022.

In March 2024, it began an orderly wind down and liquidation process to lay off employees, liquidate its remaining inventory and collect outstanding accounts receivable. Parent company Global Food and Ingredients Ltd. (TSX-V: PEAS), which is a respondent in the receivership proceedings brought by Siena only, issued a press release announcing the wind-down in early May. The lenders commenced their receivership applications shortly afterwards.

Counsel is McMillan for the company, Gowling WLG for Farm Credit Canada, Goodmans for Siena, Blaney McMurtry for Richter and McCarthys for FTI.