Québec Parmentier Inc. et al. (“Groupe QP”), a Québec City, Québec-based potato distributor, obtained CCAA protection on October 10, listing over $51 million in secured debt, including over $20 million to Financement Agricole Canada, and over $13 million to Caisse Desjardins de la Rive-Nord du Saguenay. Groupe QP is a group of more than 25 farming families specializing in potato production, with the equivalent of 2,500 hectares and 130 million pounds of potatoes harvested annually. The financial difficulties of Groupe QP arise largely from significant operating losses suffered by certain of the farms since their acquisition in 2021, as well as the loans taken out to finance the acquisitions. Notwithstanding sales growth over the past four fiscal years and the implementation of cost-cutting measures, Groupe QP recorded a loss of $3.5 million for the 22 month-period ending June 30, 2023. MNP was appointed monitor. Counsel is Cain Lamarre for Groupe GP, Lavery for the monitor, Langlois for Caisse Desjardins, Matte Avocats for 9448-2485 Québec inc. and 9340-4671 Québec inc.

By: Dina Milivojevic