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LA Renaissance: a proposal to creditors

(Photo: CFIM)

Îles de la Madeleine

The Superior Court received on Tuesday a proposal made by The Renaissance of the Islands to its creditors, for which the reimbursement of the totality of the sums owed now depends on the respect of numerous conditions.

The document must obtain the support of a majority of the creditors by their meeting scheduled for February 9, as well as court approval.

The proposal, co-signed by bankruptcy trustee José Roberge as a witness, also mentions the need for the marine products processor to maintain all of its operating permits and to have a restructuring of its corporate by-laws authorized.

In addition, LA Renaissance will have to be able to obtain a new financing agreement with a banking institution, as well as government assistance to support it in the re-launch of its operations.

According to information relayed by Le Journal de Québec, the Quebec Minister of Agriculture, Fisheries and Food, André Lamontagne, is not closing the door on government intervention with the help of Investissement Québec.

This could allow the company to continue its activities during the next fishing season, and thus ensure that it is able to meet its obligations to its 360 or so creditors.

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