Big Sky Finishers (No. 1) Inc.

February 12, 2010 16:34 ET

Big Sky Finishers (No. 1) Inc.: Big Sky Farms Inc. CCAA Proceedings

SASKATOON, SASKATCHEWAN--(Marketwire - Feb. 12, 2010) - Big Sky Finishers (No. 1) Inc. ("BSF") announces that the creditors of Big Sky Farms Inc. ("Big Sky") have voted to accept a settlement proposal for historical debt owing by Big Sky to unsecured creditors, including BSF. Under this settlement, unsecured creditors will be repaid $0.10 for every $1.00 owing to them by BSF as of November 10, 2009. As a result, BSF will receive $55,448 from Big Sky in relation to the $554,480 debt owed by Big Sky to BSF.

Big Sky obtained an Order on November 10, 2009 from the Court of Queen's Bench for Saskatchewan under the Companies' Creditors Arrangement Act (the "CCAA"). Since then, Big Sky has carried on its business in the ordinary course and BSF continues to finish hogs for Big Sky. Big Sky has paid BSF for such hog finishing services in accordance with the contractual arrangements between the parties. Substantially all of BSF's revenues come from its contractual arrangements with Big Sky.

In accordance with provisions contained in the CCAA, Big Sky has provided BSF with notice that Big Sky intends to terminate all three contracts currently in place between them. At this time, BSF is continuing to negotiate contractual changes with Big Sky.

Contact Information

  • Big Sky Finishers (No. 1) Inc.
    John Beckton
    (306) 934-2727