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Lobster prices in Canada
In August, LA Renaissance des Iles, a crab and lobster processor in Magdalen Islands, Quebec, Canada, filed for bankruptcy proceedings
in a Canadian court for a short-term inability to repay nearly $26 million ($19 million) in arrears to local fishermen and creditors.
On September 19, the company was granted a 45-day extension that the company had to come up with by Nov.
3 to submit specific solutions to creditors
.
in a Canadian court for a short-term inability to repay nearly $26 million ($19 million) in arrears to local fishermen and creditors.
On September 19, the company was granted a 45-day extension that the company had to come up with by Nov.
3 to submit specific solutions to creditors
.
LA Renaissance's bankruptcy protection filing shows that the company's financial problems stem from the collapse of the crab and lobster markets, and there is a large gap between the company's fees paid to fishermen and the price of the final product, resulting in an imbalance
in the working capital chain.
in the working capital chain.
A Canadian lobster industry veteran told UCN: "LA Renaissance is the first company to enter bankruptcy protection, but it won't be the
last.
Due to the sharp fall in prices, the loss of Canada's entire industry will continue into 2023, and many companies will suffer significant losses, which is likely to cause the size of the industry to shrink
.
”
last.
Due to the sharp fall in prices, the loss of Canada's entire industry will continue into 2023, and many companies will suffer significant losses, which is likely to cause the size of the industry to shrink
.
”
LA Renaissance owed approximately $25.
7 million in total debt, of which approximately $7.
83 million was owed to 263 fishermen, suppliers and transportation companies, $16.
6 million in loans to two banks, and approximately $
12.
4 million in taxes owed to Canada and Quebec.
7 million in total debt, of which approximately $7.
83 million was owed to 263 fishermen, suppliers and transportation companies, $16.
6 million in loans to two banks, and approximately $
12.
4 million in taxes owed to Canada and Quebec.
LA Renaissance has two processing plants in Quebec, located in the Gros-Cap and Grande-Entrée regions, employing 300 workers
during peak seasons.
during peak seasons.
Local media reported that LA Renaissance had only about 30 days left to pack and deliver the processed product to collect accounts receivable
.
The general manager of LA Renaissance personally contributed $122,000 to pay employees' salaries, but some employees decided to leave the company
.
.
The general manager of LA Renaissance personally contributed $122,000 to pay employees' salaries, but some employees decided to leave the company
.
Roy Metivier Roberge, the trustee of LA Renaissance's bankruptcy, expects the company to lose between $6 million and $10 million last year as of September 30, 2022, with plant inventory valued at approximately $7 million and expected recoverable accounts of $6.
5
million.
5
million.
