Glacier FarmMedia—Manitoba-based swine genetics company Genesus has gone into receivership.
A receivership order filed June 12 in the Court of Kings Bench in Winnipeg has appointed BDO Canada Limited as receiver and manager for Genesus Inc., Genesus Genetics and Can-Am Genetics, Inc.
Genesus Inc., and Can-Am Genetics operate out of Oakville, Man. Genesus Genetics Inc., is incorporated in South Dakota, court records show.
According to an affidavit filed by a Bank of Montreal representative, the bank held mortgages for Genesus and Can-Am and had a payment guaranty agreement with Genesus Genetics Inc.
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In mid-2023, BMO served notice that it intended to pursue enforcement action after repayment obligations were breached. Those actions were stayed in September 2023, when BMO agreed to delay enforcement under certain forbearance conditions. That forbearance agreement expired Jan. 15, the affidavit said.
Genesus bills itself as “the world’s largest independent producer of high health registered purebred swine in the world owning over 80% of all registered purebred breeding stock in Canada,” says the company’s website.
According to court records, Genesus had approximately 61 employees at the beginning of the year and about 17,700 hogs. Can-Am Genetics had approximately 13 employees.
