One of North America's largest farm operations is asking an Alberta court for more time to continue restructuring under creditor protection. Monette Farms has filed an application with Alberta's Court of King's Bench seeking to extend its protection under the Companies' Creditors Arrangement Act (CCAA) from June 19 until November. The application, filed Monday, is scheduled to be heard next Friday. If approved, the extension would allow the company to continue operating while entering into a sale and investment solicitation process as it works to address more than $1 billion in debt. Sale and investment process planned The process could involve the sale of all or part of the business, land sales, refinancing, new investment, or a combination of those options. The company was granted creditor protection in May, allowing it to continue day-to-day operations while developing a plan to address its financial obligations. Industry watching outcome closely Monette Farms and its affiliated companies operate across Canada and the United States, with extensive farmland holdings and agricultural businesses. The restructuring proceedings are being closely watched throughout the agriculture sector because of the company's size and the scale of operations. A decision on the extension request is expected following next week's court hearing. Related Stories: Monette Farms granted creditor protection extension Monette Farms files for creditor protection Monette Seeds Ltd. will no longer be licensed by the CGC