100-year-old BC Tree Fruits Cooperative in British Columbia files for creditor protection due to a $58M liability, including over $50M in debts to the Canadian Imperial Bank of Commerce.
British Columbia's fruit industry faces a crisis as BC Tree Fruits Cooperative, a century-old fruit growers co-operative, files for creditor protection due to a $58 million liability, including over $50 million in debts to the Canadian Imperial Bank of Commerce. The co-operative's financial difficulties are exacerbated by a "liquidity crisis" and the impact of unusually severe weather on stone fruit crops, leading to an 85-90% reduction in cherry harvests and zero harvests for other stone fruits. Premier David Eby of British Columbia announces support for fruit growers, increasing the compensation from the province's AgriStability program to cover up to 90% of farmers' losses, while doubling the cap for farmers across the province.
August 13, 2024
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