Eastern Meat Solutions, a diversified group based in Mississauga, Ontario, obtained protection under the Companies' Creditors Arrangement Act (CCAA) on May 21, 2024. The company, with three distinct businesses—meat trading, food processing (Sierra Foods), and cold storage/transportation (Sierra Services)—faced significant liquidity issues despite generating approximately $281.0 million in revenue. The low-margin nature of its operations, combined with rising capital costs, inflationary pressures, and increasing supply expenses, led to breaches in its debt service covenants.

Under CCAA protection, Eastern Meat Solutions planned to wind down its meat trading business, market and sell its processing business as a going concern, and focus on restructuring its cold storage operations. BMO, the company's senior secured lender, agreed to provide debtor-in-possession (DIP) financing to support the restructuring efforts. Deloitte was appointed as the monitor for the process. Legal advisory roles were assigned to TGF for the group, Dentons for the monitor, and BLG for BMO. The transaction aimed to stabilize the company's finances and facilitate an effective restructuring plan.