Kelowna, BC – After facing financial struggles, BC Tree Fruits has officially filed for creditor protection. The news was announced on Monday, with the company stating that they have filed a Notice of Intention to Make a Proposal (NOI) under the Bankruptcy and Insolvency Act.
According to BC Tree Fruits, this decision was made in order to restructure their operations and address their financial challenges. The company has been facing difficulties due to a combination of factors, including increased competition, rising costs, and the impact of the COVID-19 pandemic.
In a statement, BC Tree Fruits CEO Warren Sarafinchan expressed his regret for having to take this step, but emphasized that it was necessary for the long-term sustainability of the company. He also assured that the filing for creditor protection will not affect the day-to-day operations of the company, and that they will continue to operate as usual.
The company has also stated that they will be working closely with their growers, suppliers, and other stakeholders to develop a proposal that will address their financial challenges and ensure the future success of the company.
BC Tree Fruits is a cooperative of over 400 local growers, producing a variety of fruits including apples, cherries, and peaches. The company has been a staple in the BC fruit industry for over 80 years, and this news has come as a shock to many in the community.
The next step for BC Tree Fruits will be to present their proposal to their creditors, who will then have the opportunity to vote on it. If the proposal is accepted, the company will be able to restructure their operations and move forward with a more sustainable business model.
This news has caused concern for the future of the BC fruit industry, as BC Tree Fruits is one of the largest producers in the province. However, the company remains optimistic that this restructuring will lead to a stronger and more successful future for both the company and the industry as a whole.
As this situation continues to develop, BC Tree Fruits has assured that they will provide updates and information to their stakeholders and the public. For now, the company remains committed to providing high-quality, locally grown fruits to their customers and supporting their growers during this challenging time.
