Meadowfresh, a subsidiary of Agrifood International
Cooperative Ltd. In Western Canada and Avrio Ventures General Partnership Ltd. are
taking over Organic Meadow co-operative in Ontario.
The approximately 100 farmers who own Organic Meadow will
get only seven cents on the dollar in the financial restructuring, the same as
other unsecured creditors owed a total of close to $930,000.
Farmers who loaned $760,544 to Organic Meadow will have to
wait to see how much they will eventually get.
The three involved in this deal say arrangements for their
partnership remain to be worked out.
It seems likely that the judge supervising Organic Meadow’s
application in early April for protection from its creditors will approve this
proposal and keep the business from sliding into bankruptcy.
