Rol-land Farms Limited

December 11, 2008 12:00 ET

Rol-land Farms: Press Release

BLENHEIM, ONTARIO--(Marketwire - Dec. 11, 2008) - ROL-LAND FARMS LIMITED, ESSEX KENT MUSHROOMS, LTD., HEBB-LIN INCORPORATED, 1537621 ONTARIO LIMITED and 1063141 ONTARIO INC. (collectively referred to as "Rol-land Farms") have received protection from their creditors under the Companies' Creditors Arrangement Act ("CCAA") pursuant to an order of the Ontario Superior Court of Justice (Commercial List) issued December 10, 2008 which allows them time to restructure their businesses and affairs. PricewaterhouseCoopers Inc. is the Court appointed Monitor. Hamilton firm, Scarfone Hawkins LLP, is representing Rol-land Farms in its restructuring efforts.

Rol-land Farms is the largest mushroom producer in Canada and is the third largest mushroom producer in North America, supplying approximately one million pounds of mushrooms a week to retailers across Canada and the United States. It also produces and sells cash crops.

Rol-land Farms carries on its farming operations in Ontario, Alberta and Prince Edward Island, with head offices located in the towns of Blenheim and Kingsville, Ontario.

As a result of current economic circumstances, Rol-land Farms has determined that it is in the best interests of its shareholders, employees and creditors to seek protection pursuant to the CCAA and to restructure so that it can emerge as a stronger and more viable operation. It has the full support of its bank, which is providing DIP financing, and its senior management. It is Rol-land Farms' intent to emerge from CCAA protection as a stronger, more efficient producer.

Further information and a copy of the Order can be accessed on the Monitor's website at: www.pwc.com/car-rollandfarms.

Contact Information

  • Scarfone Hawkins LLP
    Joseph G. Speranzini
    (905) 523-1333
    Fax: (905) 523-5878
    Email: speranzini@shlaw.ca