North American Lamb Company

North American Lamb Company ("NALCO"), a Manitoba and Alberta-based lamb producer and processor, and various subsidiaries (the "NALCO Group") obtained CCAA protection on August 8, on application by Fresh Canada Meats Ltd. ("FCM"), a creditor and majority shareholder of the NALCO Group. Approximately 70% of the lambs produced in Alberta are processed by the NALCO Group. Notwithstanding this significant market share, the company has incurred ongoing operating losses since its inception in 2018. By May 2022, the NALCO Group faced a severe liquidity challenge and began delaying payments to non-essential creditors to preserve cash. This crisis ultimately culminated in both of the NALCO Group's primary secured creditors, BNS and FCC, serving notices of intention under the Farm Debt Mediation Act and the BIA. EY was appointed monitor. Counsel is North & Company for NALCO, MLT Aikins for FCM, McMillan for BNS, Sharek Logan & van Leenen for FCC, Norton Rose for the monitor and Bennett Jones for 2079468 Alberta Ltd., the NALCO Group's minority shareholder.