Big Sky Farms, the Saskatchewan-based pork producer, says it has emerged from a bankruptcy protection process supervised by the courts, and is ready to operate as a viable business.
Big Sky, which owns about 40 hog facilities in Saskatchewan and Manitoba, ran into financial problems last fall.
On Nov. 10 it sought court protection from creditors while it tried to sort out its finances. At the time it reported that it was $90 million in debt.
"The company has fulfilled all the requirements described in the plan of arrangement," Casey Smith, the chief executive officer of Big Sky Farms, announced Wednesday in a news release from the company's head office in Humboldt, Sask.
The plan of arrangement details how different creditors are treated. It calls for creditors owed $4,000 or less to receive repayment of 99 cents on the dollar.
Debts of more than $4,000 get 10 cents for each dollar owed.
"Big Sky will now remain a viable business and will be working diligently to restore the confidence we had with supplier since our inception in the mid '90s," Smith added.