Ilta Grain

[bigzee]

Heard today from a reliable source Ilta Grain filed for bankruptcy yesterday. Thought this was one the companies to “deal with”?
Hope no one has delivered anything in the past while. Looks all these tariffs are taking a toll on processors.

[bucket]

The last people to know will be guys that delivered for that extra half cent.....it would be too bad...I see their trucks around here....

[WiltonRanch]

I was by the Battleford location yesterday and something made me think things weren’t copacetic there.

[Kraut]

https://www.pwc.com/ca/en/services/insolvency-assignments/ilta-grain-inc.html

[Kraut]

https://www.pwc.com/ca/en/car/ilta-grain/assets/ilta-grain-007_070919.pdf

[farmaholic]

Try posting a website address where the pdf or html documents can be found. I don't know if you can link those documents like you are trying.

Anyone?

[farmaholic]

Maybe the Government should bail them out like Bombardier or show over whelming concern like the did for SNC Lavalin's well being and it's employees!!

This could be a direct result of our ****ed up trading barriers placed on us as a result of a virtue signalling and incompetent government and its disingenuous reality disconnected moronic leader.

[furrowtickler]

Writing was on the wall for a while
Anyone hear of root rot ????
Hello 👋, the repercussions are real .

[furrowtickler]

Maybe the industry should have paid attention a long time ago to what some of us were pointing out . Sooner or later shit was going to hit the fan .

Add in Trudeau that helped *** the market .... straw that broke the camel 🐪 back

[Crestliner]

The numbers are stunning:

$140 million invested by private shareholders
$86 million debt from FCC
$48 million debt from HSBC

The special crops industry has been struggling for 20 years to make a profit and for the last several years customers for Canadian product have been jerking everyone around with tariffs and other business interruptions. Ie: India, China, Mexico.

And our farm organizations and government have provided zero leadership....no reciprocal trade tariffs or any action from Canada. Pathetic to say the least. Not to mention how the f’ing two railways have provided disastrous service to the industry.

The special crops industry....success story in the 1980’s and 1990’s....a disaster for the last 20 years...except for the big AGT. Let’s see how that plays out.

Expect more firms to go down....I’m surprised this hasn’t started sooner, but the affidavit shows how owners and operators exhaust all options trying to keep the business floating till things get better until they run out of bullets.

[highwayman]

Delivered 1200 tonnes of green lentils to ilta end of may. Three weeks later paid in full. A little longer than normal but cheque was good

[Ache4Acres]

Wow that is stunning numbers

Someone at FCC needs to wake up. Passing out millions of dollars to Any Tom dick and Harry ag corporation with zero collateral. Right now they are head scratching what went wrong but it is just the tip of iceberg when it comes to cheap easy money distorting the business world

[bucket]

Just another easy pick for a major grainco or the subsidized AGT....there is more consolidation to come...

[bucket]

Wow that is stunning numbers

Someone at FCC needs to wake up. Passing out millions of dollars to Any Tom dick and Harry ag corporation with zero collateral. Right now they are head scratching what went wrong but it is just the tip of iceberg when it comes to cheap easy money distorting the business world

The problem with FCC is the people that seen all this shit hit the fan the last time are now retired ...a whole new group of youngings will buy into the snake oil salesman story....

Generations of farms have been built on re-financing/bankruptcy disguised as good business acumen...while the rest of the honest farmers get shit on...

There are new faces at FCC that don't necessarily share your same ideas...

What JP gervais says on the radio isn't the same as what you hear in the office....

[sumdumguy]

FCC and banks might want to wake up, When the guys with paid plants can’t make money, how do you expect the ones borrowing millions to make it?