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Calgary Herald

'We are open': Sunterra nears business as usual amid legal battles

Alberta-based Sunterra Market is nearing normal operations after filing for creditor protection earlier this year, while its U.S. subsidiaries faced financial fraud allegations. Article content Art Price, Sunterra's board chairman, and Chris Alladin, president of retail markets, expressed concern about the uncertainty and disruption the situation caused for customers, vendors and employees. Article content Article content 'We've almost got it to business as usual . . . in the markets, because we worked around the vendor issues, and now they kind of understand the process,' said Price. Article content 'We are open . . . the markets, our catering division, aspects of all our retail (are) open,' added Alladin. Article content Sunterra maintains that its practices were transparent, disclosed and monitored by National Bank, which froze Sunterra's accounts on Feb. 14 this year. Article content A statement of claim filed to the Court of King's Bench of Alberta by Sunterra Farms Ltd. and multiple affiliated companies states that National Bank demanded an explanation for transactions between Sunterra's hog farms in Canada and the U.S. Article content Article content 'Sunterra immediately responded to (National Bank), explaining the impugned transactions between the Canadian Hog Farms and the U.S. Hog Farms,' the document read. Article content The Sunterra Group of companies also operates an agriculture business, including production facilities throughout North America, and livestock operations focused on pork processing. Article content Compeer Financial, Sunterra's lender in the U.S., had alleged that company executives employed a cheque-kiting scheme to hide insolvency. But Sunterra Group's three U.S. hog companies were sold to Tyson Foods Inc. after a court south of the border approved a receiver's motion earlier this month, reports The Western Producer.