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The court ordered sale of assets of the now defunct BC Tree Fruits is moving through the system.
In a court filing in B.C. Supreme Court earlier this week, Alvarez and Marsal Canada, the company appointed to monitor the sale of assets, is seeking court approval for the sale of the 2.9 acre Growers Supply property on Acland Road in Kelowna.
The filing states the property which consists of a large warehouse and storage building was listed on Sept. 4 for $11 million.
Edmonton-based developer Taz Holdings placed an offer of $9.5 million on Sept. 26 which was accepted on Oct. 3, pending court approval.
“It is in the monitor’s view that the Acland property was marketed in a manner that was fair and reasonable and the property has been exposed to the market for a reasonable amount of time,” the court filing states.
“Given the current state of the real estate market for industrial commercial properties and stated interest rates, the monitor views the transaction to be in the best interest of the investors.”
While the offer was $1.5 million below the asking price, the filing notes it was also $1.5 million above the 2024 BC Assessment value of $8 million.
The court is also being asked to approve the appointment of Maynards Liquidation Group to market and sell the remaining inventory including property in Creston.
Courts had previously approved the sale of property at 1200 Waddington Drive in Vernon to Abbotsford-based Stonemark for $3.2 million. Among other assets, Stonemark owns the Buckerfield chain.
The commercial chemical and fertilizer inventory was sold to TerraLink for a price equal to 60 per cent of the book value of chemical inventory and 30 per cent of the book value of fertilizer inventory.
Novem Pharmaceuticals has already taken possession of the facility of Sexsmith Road.
Monies derived from the sale of assets will be distributed among creditors of the former tree fruits collective.
The sale of assets was ordered by the courts in August as it was learned the BC Tree Fruits Cooperative owes $53.2 million to secured creditors, including $50.8 million to the Canadian Imperial Banking Corporation.
The list of total unsecured creditors, which includes farmers, totals more than $12.1 million.
