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Bankruptcy of LA Renaissance des Iles

(Photo: CFIM)

Îles de la Madeleine

The death knell has sounded for LA Renaissance des Îles: the company is officially bankrupt.

The fishermen were the ones who tipped the scales at the meeting held Thursday morning in Percé, according to authorized insolvency trustee José Roberge.

Because of unpaid deductions at source by the processor to 67 lobster fishers represented by the Office des pêcheurs de homard des Îles, at least 34 of them absolutely had to support the recovery plan.

Their lawyer, Mr. Serge Petit, explains that the 41 who expressed their right to vote considered the proposal unviable and sealed the fate of the company and its 325 unsecured creditors.

According to Me Petit, even if a « stronger » proposal had been made to them, the fishermen would not have agreed to continue working with LA Renaissance, since the bond of trust has been broken.

The next step is to liquidate the company’s assets on behalf of Farm Credit Canada.

However, the ordinary creditors, which include the fishermen and many Island businesses, have almost no chance of recovering the amounts owed to them, estimated at $9.2 million, » said José Roberge:

Me Serge Petit emphasizes that his clients are dissatisfied with the conclusion of the case, but that they are « looking forward » and hope that the assets will find a new buyer by next season.

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