Picture Butte Feeder Cooperative resumes operations

Posted on May 29, 2025 by Sunny South News

Southern Alberta Newspapers

The Picture Butte Feeder Cooperative (PBFC) is resuming full operational activities, as announced by the Feeder Associations of Alberta Ltd. (FAA) last week. 

In a statement released by the FAA on May 22, they acknowledged the difficult time facing members in recent weeks, noted their role assisting in the situation  and pointed out some of the changes being introduced since the PBFC went into receivership earlier this year, following a ministerial order issued in late January.  

“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. We recognize the pace of business has no sympathy for interruptions and acknowledge the very tough financial position members were placed in,” read the statement. “Through this challenging period FAA has maintained a focus on the protection of the membership of both PBFC as well as that of FAA as a whole and to see PBFC return to operations while protecting the Feeder Association Loan Guarantee Program (FALGP).”

The statement noted some of the highlights over the past several months including the ministerial order in place since late January, was lifted on May 1    and participating lenders and regulatory authorities have taken steps in conjunction with restructuring officer, Alvarez & Marsal Canda Inc., to see the association is approved to operate.

Cody McBride was hired by the PBFC as its new supervisor. 

“We are confident that his extensive background with livestock, finance and feeders associations makes him an excellent candidate for the post and profit payments are being processed and normal lending is to commence Monday May 26, 2025,” read the statement. “The PBFC recognizes the work that still needs to be done for PBFC to normalize processes and operations, as well as see the election of a new, independent board of birectors. However, we also wish to commend the tremendous efforts of all the parties involved in this court process.”

The statement also noted the teamwork involved and support of Minister Sigurdson’s team throughout the process, with the goal of having the PBFC returned to full operational status. 

“Receiving officer Alvarez & Marsal, the provincial supervisor’s team and the lenders involved have put in a significant amount of work to define the situation and find ground to move forward for which they are all to be commended,” read the statement. 

The FAA played a role as a communications conduit for the minster and assisted the restructuring officer wherever needed in the completion of the court ordered mandate, noted the statement. They also thanked the FAA board of directors and recognized Lynda Miller for stepping in to support the administrator role as well as Philipp Lammerding for his personal contributions to see the PBFC return to operations.

“FAA looks forward to working with the minister and regulatory services on improving the FALGP for the future, to see this valuable program continue to thrive and provide the industry support we have come to count on,” the statement concluded.