Loading...
The Wingham Advance-Times, 1984-09-05, Page 12Page lt2r- ne Wifghfltln 441vang. Thp s, Sept 50 Rest Cry►ins o -op planned CO files for protection to arrange debt repayment United Co-operatives of members of UCO for Ontario has filed for ratification. protection under: the Com- In the order appointing panes Creditors Arrange- Price Waterhouse, the court merit Act m order to obtain directed the firm to "take all time to complete a reorgani- steps and do, all things nation of its financial affairs. necessary to protect the in - UCO, the largest agricul- terests, of the members and tural cooperative in Ontario, creditors of the Co - has been under financial operative" and to maintain pressure since January, its services as faras prae- when approximately $75 mil- tical. The receiver was also lion of debt fell due and could granted the power to borrow not be refinanced. up to $50 million to maintain Major creditors include operations. the Canadian Imperial Bank In material filed with the of Commerce ($40 million), court, Albert Plant, chief Canadian -Co-operative executive officer of UCO, Credit Society ($30 million) stated the company's and Barclays Bank Canada revenues exceed $500 million ($5 million). In addition, per year and its assets are UCO is indebted to its over $165 million. The Co-op members and others by way employs about 1,300 persons of unsecured debentures ($24 in its 98 retail stores, five million) and to a consortium central feed plants, at the of institutional lenders by Ontario Stock Yards in way of $10 million in first Toronto, in its grain terminal mortgage 'bonds on its at Windsor and at its ,head Windsor Grain Terminal. office and distribution centre The Companies Creditors in Mississauga. Arrangement Act is federal UCO has approximately legislation which permits a 49,000 direct members and debtor company with funded 39,000 indirect members debt to obtain a stay of through its 46 member proceedings against it ,while cooperatives. a plan of compromise or UCO was incorporated by arrangement is prepared special Act of the Ontario and filed. UCO has until Legislature in 1948, though Sept. 30, 1984, to file such a its origins go back to the plan with the court. early 1900s. It subsequently In granting the company was continued under the Co - protection under the Act, Mr. operative Corporations Act Justice Houlden of the of Ontario and is presently Supreme Court of Ontario governed by that Act. also appointed Price Water- Both the federal and house Limited of Toronto as provincial governments interim receiver and ad- have indicated a willingness ministrator, to supervise the to give financial and other preparation and im- support to the. UCO provided plementation of the plan of certain conditions are met. reorganization. In due The company hopes to meet course the plan will be those conditions as part of its submitted to creditors and restructuring. Teeswater Agri -Curl 4th Annual Pork Barbecue ' Sun., Sept. 9 Teeswater Agri -Curl. Budding Adults $5.00. 10 & Under $2.50 5-7p.m. i The Co-op reported its first operating loss in 1`.' i. 1; losses continued in 1982 and 1983, with the result that almost $20 million of reserves was wiped out. These losses were due primarily to a major expansion during the 1970s, financed almost entirely by short-term, interest-sensi- tive borrowing. When inter- est rates skyrocketed in 1980, the debt service costs be- came unbearable. Although the Co-op has substantially reduced its operating losses by cutting Costs and disposing of non - revenue -producing assets, it cannot repay its massive debts of over 4140 million without restructuring, a company spokesman . said. C. Garth MacGirr, presi- dent of Price Waterhouse, said he will do everything possible to keep. UCO opera- tions running smoothly. While the eventual restruc- turing may require certain changes, he emphasized there are ample funds to pay all employees. Similarly, suppliers can count on being paid on a current basis and farmers delivering grain or livestock to the UCO will be protected. In addition to the $50 million line of credit authorized by the court, Price Waterhouse will have access to a monthly cash flow of more than $80 million produced by normal operations. Approximately two-thirds of the co-op's customers are its own members, and Mr. Plant said he is optimistic their support will continue. Both he and Mr. MacGirr said they believe, the eventual plan of compromise or arrangement will follow closely the informal restructuring plan ham- mered out during , lengthy negotiating sessions with major lenders ,and govern- -latent over the past several months. ELECTION DAY—Lloyd Montgomery of Maple Street in Wingham was one of the first to cast his ballot in Tuesday's federal election at the polling centre on Albert Street in Wingham. Ruth Currie handed Mr. Montgomery his ballot as Maxine Robinson watch- �d VVinghiam Towne ;Players ..Production of BLITHE SPIRIT AUDITIONS Sept. 10th and 12th 8:00 p.m. Sharp. Wingham Town' Hall (upstairs) Interested - everyone invited. Help needed behind the scenes too. Wingham Minor Hockey Association is holding Hockey Registration in the Wingham Arena Sept. 6 - 7 porn. m 9 p.m, Sept. 7 - 7 p.m. a 9 p.m. Sept. 8 - 10 a.m. o 12:00 noon $10.00 surcharge for late registration �zzzzzzzzzzzzzZSzzzz =zz zzzzzZzzzz 41 d 44 zzi Extensive'forest manage- ment began to take place on an applied scale only in the 1950s. COUNTRY HEARTS Playing Now Till Sept. 15 at the Blyth Festival Phone 523-9300 Seats Still Available JOAN ARBUCKLE and Ethel Gerrie settled in for a long)lay Tuesday morning when they commenced their duties as polling clerks in the federal election. The two women were stationed at the Armouries, one of the places where Wingham residents voted. MRS. WILLIAM SOTHEWIN Notes from Fordwich Mr. and Mrs. Jim Vittie were supper guests last Thursday night with Mr. and Mrs: Bill Smith at Gorrie. Sunday guests with Mr. and Mrs. Bill Sothern were Mr. and . Mrs. Bill Mulvey and Cjndy and Jeff of Belmore and Paul DeVries of Listowel. Mr: and Mrs. Gary' Sothern, Tim and Tracy of Palmerston, also visited. Mr. and Mrs. Doug Hargrave, Tracy ' and Michael, . spent last week -- vacationing. Visitors last Saturday with Mr. and .Mrs. Bruce Arm- strong were 'Mr. arid Mrs. Art Mitchell of Port Elgin. Barbara Snider of Kitchener spent the weekend with her d ' NEW NEW NEW NEW All night school programs atm. E. Madill Secondary School will be offered through the Wingharn Recrea- tion Department. For registration information, please contact this office, phone 357-1208. Fall & 'Winter Programs will include: Ladies' Fitness Mon: & Wed., 7 = 8 p.m. Instructor Wendy PoIL..Fee $25.00, X10 weeks, starts Mon., Sept. 17 Men's & Ladies' Fitness Mon. 8 9 p.m. Instructor Louanna Alexander. Fee $25.00, 10 weeks, starts Mon., Sept. 17 Ladies' Fitness Tues. & Thurs. 7 - 8 p.m. Instructor Brenda Werth. Fee $25.00. 10 weeks, starts Tues., Sept. 1 L Ladies' Fitness Tues. & Thurs. 8 - 9 p.m. Instructor Louanna Alexander. Fee $25.00. 10 weeks, starts Tues., Sept. 18 Badminton Tues. & Thurs. 7 - 10:30 p.m. Fee $7.00/year. Starts rnid October Ladle's' Volleyball Tues. 9 - 10:30 p.m. Fee $25.00. 20 weeks, starts Tues., ,, Oct. 2 Men's Basketball Wed. 9 - 10:30 p.m. Fee NIL. 20 weeks, starts Wednes, day, Oct. 3 Practical Auto Mechanics Wed. 8 - 10 p.m. Fee $50.00. 20 weeks, starts Wednesday, Oct. 17 Introduction to Computers Wed. 8 - 9 p.m. Fee $25.00. 10 weeks, starts Wednesday, Oct. 17 Boys' Gymnastics Wed. 6 - 7 p.m. Fee $16.00. 10 weeks, starts Wednesday, Sept. 26 Introduction to Painting Tues. 7 - 9 p.m. Fee $25.00. 10 weeks, starts Tues & Drawing day, Oct. 16, 1 medium size drawing pad required. Children's Ballet', Wed. Call for times according to age. 20 week course. - Children's Live Theatre Wed.6 Fee $15.00. 10 weeks, startsOc- 7:30 p.m. tober 3, Wingham Town Hall Girls' Gymnastics Mon. Jr. 6 7 p.m. Fee $16.00. 10 weeks, starts Mon - Sr. 7 - 8 p.m. day, September 24 - Breakdsnciiirg Tues: -7 - 8 p.m. Fee $20.00. 10 weeks, Public school age, starts Tuesday, Sept. 25. Fee $7.00 per "season, starts Monday, Minor League Basketball Mon. 7 8:30 p.m. Oct. 15, grades 6, 7 A 8. REGISTRATION: Gym 228, F. E. Madill Secondary School. Wednesday, September 19 - 7:00 - 8:00 p.m. WINGHAM RECREATION DEPARTMENT Phone 7-1208 grandparents. ' Central Canada exhibition Weekend visitors with Mr. Sunday in Kitchener when and Mrs. Carl Stewart were they won first prize for their Greg Stewart and Mr. and • two-year-old Shorthorn bull Mrs. Doug, Stewart, all of and also won the overall Kitchener. Grand Championship for the Mr. and Mrs. Les Halliday Shorthorn bull. attended the steam show at Tribute Milton last Saturday. .Mrs. Glenn Johnston sand Mrs. Wellington Hargrave Mrs. Jack Ruttan attended visited Sunday with Mr. and the Canadian carriage Mrs. Irwin Gibson at driving classic held in the Amberley. Bolton area on Monday. A . . Visitors last week with Mr. trophy was given in memory and Mrs. Les Halliday were. of the late Glenn F. Johnston Cal. Halliday and daughter for the best overall team in Melanie of Maple, Mr. and the driving classic. It was Mrs. Jjm Halliday, Linda . won by Jack Braithwaite of and Todd of London, Mr. and Inglewood. The trophy will Mrs. Robert Connell of be awarded annually as a Listowel and grandchildren tribute to the late' Mr. John- {im and Scott Duncan of ston who was well-known for Brampton, Mr. and Mrs. his carriage teams' Harry McLeod, Mr. and Mrs. Ron Pringle and children of Tara and Mr. and Mrs. Kevin Coll of Toronto. Mrs. Jim Douglas and Paul Douglas attended the Orangeville fair on Monday. Mr. and Mrs. Wally Nixon spent the weekend at their trailer at Paul Bunyan Camp, Bayfield. Mr. and Mrs. Bruce Sothern visited their grand- daughter Wendy Weber one day last week at University Hospital, London. We wish Wendy a speedy recovery. Mr. and Mrs. Gerald Martin, Mr. and Mrs. Carl D'Arcey and family, Mr. and Mrs. Barry D'Arcey and boys, Mr. and Mrs. Lloyd Nickel and Mr: and Mrs. Don Coghlin and family spent the weekend at Pine Echo Camp near Belmore. Mr. and Mrs. John Lep- pington and family and Mr. and Mrs. Andy Miller and family spent the weekend camping at the Family Paradise Camp. Congratulations to Mr. and Mrs. Jim Taylor (Linda Ettinger) on the arrival of their daughter last Tuesday at the List., mei hospital. The new arrival is a little sister for Courtney. Mr. and Mrs. Mark Brunarski and family spent the holiday weekend with Mr. and Mrs. John Brunar- ski at. Port Colburne. Sandra and Brian Montoux left Monday to commence their studies at Georgian College at Orillia. Ron Shelley and family were top winners at the Wroxeter Sympathy is extended to Mr. and Mrs. Perrie White on the loss of her mother last week. Mr. and Mrs. Bill Ste. Marie of Niagara Falls, New Yo°rk, and Miss Shelley Ste. Marie of Port Elgin were holiday visitors at the home of Mrs. Doris Adams. ICE TIME AVAILABLE at the .LOCKRIDGE MEMORIAL ARENA, WINGHAM Evenings after 8(:30 p.m. Weekends after. :30 p.m. For reservations contact the WINGHAM RECREATION DEPARTMENT 357-1208 ICE TIME AVAILABLE at the Howick Community Centre Sunday morning until 1:30 p.m. Wednesday 10:30' p.m. - 12 a.m. Friday 10:00 p.m. - 12 a.m. Saturday 9:00 p.m. - 11:00 p.m. FOR FURTHER INFORMATION CONTACT Steve on Wednesday, Friday or Sunday evenings at 335-3883 ee�`G t Ge 5dcse s a2 • t0 J�. va rem 0eP O� ( NO fe low.se Myth Festival P.O. Box 10 Blyth, Ont. NOM 1 HO (519) 523-9300