“While 100 per cent compensation is always the goal, we are pleased to provide the maximum available compensation to eligible producers. By working closely with the receiver, we may be able to provide some additional compensation beyond the security held,” Hunt said.
Holders of outstanding primary elevator receipts may receive a portion of these funds through CGC later, once the receivership has been concluded.
GFI announced this spring it was winding down its operations while owing its secured lenders at least $21 million. The Toronto, Ont.-based company bought and marketed peas, beans, lentils, chickpeas and other high-protein specialty crops, operating three handling facilities in Saskatchewan and a distribution centre in North Carolina.