Picture Butte Feeder Cooperative (“PBFC”), Alberta's largest feeder cooperative, obtained a court order appointing Alvarez & Marsal (A&M) as restructuring officer with the powers of a receiver-manager under section 299(1) of the Alberta Cooperatives Act and section 13(2) of the Alberta Judicature Act. The appointment followed a January 27 order by Alberta Agriculture and Irrigation, prohibiting PBFC from advancing further funds under the Feeder Associations Loan Guarantee Program (FALG Program), leaving members without critical financing. Subsequently, PBFC's entire board, supervisor, and administrator resigned, rendering the cooperative unable to meet operational needs. PBFC owes approximately $280 million to a lender syndicate led by BMO as agent, mirroring the amount lent to members under the FALG Program. The proceedings aim to address regulatory concerns and stabilize operations to support members' livelihoods.

Legal counsel includes Cassels for PBFC, Torys for the restructuring officer, Gowling WLG and Blakes each for a director, and Miller Thomson for BMO.