The family of New Brunswick farmer Henk Tepper, who is languishing in a Lebanese jail, won a short reprieve for the family farm in an Edmundston courtroom Monday. A judge of the Court of Queen's Bench granted an extension to creditor protection until July 29 for Tobique Farms, which is located in the northwestern New Brunswick community of Drummond.
The Tepper family had been seeking an extension until Oct. 18, so that crops now in the field could be harvested and the revenue generated be paid back to creditors.
BMO, the farm's main creditor, has some issues with the way the business is being run in his absence.
The bank is also applying to change an element of the creditor protection arrangements that allows the farm to sell off assets to pay legal fees and other costs.
According to court documents, the Tobique Corporations didn't give the bank proper notice they were filing for creditor protection. They owe BMO more than $8 million and the bank wants to protect its interests.
Creditor protection extended for Tepper farm
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