Virentia Innovation Inc., Receivership

Virentia Innovation Inc., a Quebec-based company specializing in agricultural biomass valorization, was placed into receivership on March 31 on application by the Fédération des Caisses Desjardins du Québec, owed approximately $19.7 million.

The company encountered significant technological, manufacturing, and commercial challenges following the launch of its alfalfa processing facility in Bécancour in 2021. These difficulties prevented the company from successfully completing its process for extracting components from alfalfa for use in human and animal nutrition. As a result, the company was never able to achieve profitability. It closed its facility and terminated employees on January 31 and filed an assignment in bankruptcy on February 3.

Deloitte is the receiver, while Raymond Chabot is the bankruptcy trustee.

Counsel is Langlois for Caisses Desjardins.