The bankruptcy of Lakeside Produce will affect the complete North American fresh produce industry, as many of the 300 creditors are from the fresh produce chain. The company is facing almost $188 million CAD in total claims, according to the list shared by the appointed trustee. The bankruptcy of the Canadian fresh produce company was filed on January 17th.
Lakeside Produce has been existing for over 70 years and has counted many operations, such as conventional and organic greenhouses, warehouses, pack houses, and distribution centers spanning across Canada and North America. The company also operated as a fresh produce trading company. Since the assets of the company are estimated at $3,5 million CAD, it seems like the bankruptcy does not include the greenhouse facilities that were installed in Leamington, Ontario, Michigan, and Texas. The newest operation in North Carolina, which was opened in 2020, was offered for sale last year.
On the impressive list of creditors are other greenhouse growers, packaging centers, and transportation companies seeking thousands, if not millions of dollars in unsolved claims. The biggest claim against Lakeside produce belongs to the Bank of Montreal and Farm Credit Canada syndicate, amounting to CA $166,013,444.00. Also, other players from the fresh produce industry are on the list, including major North American trading companies, but also Dutch shipping companies, and transporters. The biggest claim outside the banks is from Nature Fresh Farms, which is owned CA$907,840.00.
There are hardly any greenhouse suppliers mentioned, which also indicates the growing facilities are excluded from the bankruptcy.
The complete list of creditors can be found here.
The effects of this bankruptcy will unfold in the following days, as the creditors' meeting takes place on February 2nd.