The CEO for Mustard Capital Inc at Gravelbourg says they've been working on trying to find a financial solution or investor.
It was back in February that the company announced it was seeking debt restructuring due to cost overruns and operational losses at it’s Vanguard facility.
Tom Halpenny says unfortunately they have not been able to acquire the financing they needed: "The process is nearing it's conclusion. At this stage of the game we haven't been successful in attracting a restructuring proposal that meets the requirements and the terms of our creditors and the other parties in the process."
He says they continue to work through the process adding that in the meantime they have given employees the required termination of employment notice for early May.
The Canadian Grain Commissions Payment Protection Program has now fully reimbursed eligible producers of Mustard Capital
Catharine Jaworski is the CGC’s Manager of Policy, Planning and Producer Protection says with the security they had from the company they were able to reimburse 100% of the eligible claims which totalled over $264,000.
Sat, Apr 20, 1:00 PM
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