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Calgary Herald

'An exceptionally trying time': Province lifts order preventing Picture Butte Feeders Coop from making loans to members

After being banned by the province from lending money to members for about four months, the Picture Butte Feeder Co-operative is getting back in business. Article content Article content Alberta Agriculture and Irrigation Minister RJ Sigurdson issued an order Jan. 27 preventing the co-operative from making any new loans under the government-backed Feeder Associations Loan Guarantee (FALG) program. Article content Article content That order was lifted May 1, following the co-operative's operations being brought back into compliance with the requirements of the Feeder Associations Guarantee Act (FAGA) and the Feeder Associations Guarantee Regulation (FAGR). Article content Article content On Monday, the Picture Butte Feeder Co-operative will resume providing loans to eligible members. Article content 'This has been an exceptionally trying time for the many members of PBFC that have had their operations put on hold through no fault of their own,' Feeder Associations of Alberta chair George L'Heureux said in a statement on Thursday. Article content 'We recognize the pace of business has no sympathy for interruptions and acknowledge the very tough financial position members were placed in.' Article content The Picture Butte Feeder Cooperative, the largest of the province's 45 feeder associations, helps members buy livestock through the Feeder Associations Loan Guarantee program, which, according to the province, provides access to low-interest, leveraged financing backed by a government guarantee. Article content Article content As of Aug. 31, 2024, PBFC had 227 active and inactive members. Article content Alvarez & Marsal Canada, along with lenders and regulatory authorities, have taken steps to ensure the association is approved to operate, said the Feeder Associations of Alberta. Article content A new supervisor, Cody McBride, who has more than 25 years of expertise in the agriculture and financial sectors, has been hired,and profit payments are being processed. Article content But the Feeder Associations of Alberta says there's still work to do, including an election for a new board of directors. Article content With the order now lifted, Alvarez & Marsal Canada has turned its attention back to hiring an administrator, a role it says it has largely being doing. In a Thursday update to PBFC members, the restructuring officer said it has narrowed its search to a couple of qualified candidates.