Wednesday, July 23, 2014

Quality creditors get some cash

 Bankruptcy court has approved the payment of $7.5 million to Quality Meat Packers Holdings Ltd., which is owned by some Quality Meat Packers executives.

The holding company for owner David Schwartz and others is owed $20 million. It loaned money to Quality Packers during lean times and was paid back during better times.

The ruling also approved a payment of about $8,000 to TD Asset Finance, another secured creditor.

The companies had filed a Notice of Intent to restructure under the Canadian Bankruptcy and Insolvency Act in early April.

Three companies are involved in the bankruptcy – two operating the plant in downtown Toronto and a third in Mitchell.