Leamington, ON-based greenhouse grower Lakeside Produce Inc. BB #:158819 filed for bankruptcy last week, owing $188 million (Canadian) to creditors.
Blue Book Services confirmed the filing made by insolvency trustee, Ernst & Young, and reported the company’s “assignment” on January 19th. As a result, the company has been delisted.
Bill Zentner, Vice President, Ratings Service for Blue Book said Lakeside filed an “assignment” in bankruptcy, which is Canada’s version of chapter 7.
The filing was made in the Ontario Superior Court of Justice, Windsor Division, under case No. 35-124676.
According to the filing, Lakeside listed $187,889,242 in total liabilities, $18.3 million in unsecured creditors and $166 million as secured claims. It listed $3.58 million in total assets.
The list of 300 unsecured creditors include U.S. and Canadian produce suppliers, retail and foodservice buyers and transportation companies.
According to the filing, the first meeting of creditors of the bankrupt will be held February 2, 2023 at 1:00 PM via conference call or Phone # -1-647-749-1785 – Conference ID 108 895 248#.
Lakeside Produce described itself as a greenhouse grower of conventional and organic fresh produce, including tomatoes, cucumbers, bell peppers and eggplant, with greenhouses, warehouses, packinghouses, and distribution centers across North America including in Leamington, ON, Taylor, MI, and McAllen, TX.