Above Food Ingredients Inc. announced on March 2, 2025, that the Royal Bank of Canada (RBC) submitted an application for receivership for Purely Canada Food Corp. (PCFC), a subsidiary of Above Food Ingredients Inc., along with four affiliated guarantor subsidiaries.
PCFC has been operating in a limited capacity over the past six months as it worked with the Canadian Grain Commission to meet relicensing requirements. The receivership application indicates significant operational challenges for the subsidiary.
PCFC and RBC have agreed on a two-week period to negotiate the terms of a forbearance agreement. Management expects to reach a resolution with RBC within this two-week timeframe.
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