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Grain commission to cover most Ilta Grain cash owed farmers

Farmers will be paid under a Canadian Grain Commission program to guard against dealer losses
grain bins in field stock
(Shutterstock)

Most farmers still owed money by the bankrupt Ilta Grain will receive full payment for grain sold to the company before it went into receivership.

Ilta, which owned a Belle Plaine processing buying facility, went into receivership last July.

Farmers will be paid under a Canadian Grain Commission program to guard against dealer losses.

A court document filed by PricewaterhouseCoopers, the monitor in this matter, showed farmers are owed $13.75 million, but not all farmers are eligible for payments from the commission program.

About $2.1 million owed canary seeds farmers will not be paid as canary seed is not an eligible crop under the grain commission act.

Another $646,000 related to postdated cheques is also ineligible.

That leaves just over $11 million for the commission program to cover.

The Belle Plaine plant was acquired by Viterra during the process of selling Ilta assets to try and recover cash to offset $148 million debt.

Ron Walter can be reached at ronjoy@sasktel.net 





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