Quebec-based Savoura files for bankruptcy
Quebec-based Savoura files for bankruptcy
On Thursday, Feb. 5, major creditors of the Savoura trademark, which claims to be the largest greenhouse tomato producer in Quebec, asked the court to appoint a receiver under the Bankruptcy & Insolvency Act.
The company, founded under the name Les Serres du St-Laurent Inc., and headquartered in Portneuf, QC, began in business in 1988 headed by the Gosselin and Gauvin families.
Marie Gosselin, president of the company, also served as president of the Quebec Produce Marketing Association in 2014, and is immediate past president.
Raymond Chabot was chosen to initiate an assets sales process to allow the secured creditors, the Banque Nationale and Banque Royale their guarantors.
An unnamed source told The Produce News that the company has been actively seeking buyers, namely other greenhouse companies in Canada.
According to published reports, the company owes a total of $20 million to its creditors, including $10 million to the Banque Nationale and $6 million to the Banque Royale Investissement Quebec.