New Brunswick·New
A major fisheries cooperative on the Acadian Peninsula is seeking creditor protection to give it time to solve its ballooning debt problem. The Island Fishermen Cooperative Association in Lamèque was formed in the 1940s, and has faced financial challenges in the last four to five years.
Co-op needs ‘breathing room’ to address financial woes, says lawyer
Erica Butler · CBC News
· Posted: Aug 14, 2026 5:50 PM EDT | Last Updated: 37 minutes ago
Listen to this article
Estimated 3 minutes
The audio version of this article is generated by AI-based technology. Mispronunciations can occur. We are working with our partners to continually review and improve the results.
The Island Fishermen Cooperative Association employs hundreds of seasonal workers in Lamèque, and is now under creditor protection. (Facebook/ACPI-IFCA)
A major seafood processor on New Brunswick’s Acadian Peninsula has filed for creditor protection.
The Island Fishermen Cooperative Association in Lamèque processes millions of pounds of lobster and crab, and employs hundreds of seasonal workers.
But according to court documents, the co-op has accumulated nearly $25 million in debt and has been operating at a loss since at least 2024.
On Thursday, a Saint John judge granted a temporary order to protect the co-op’s assets from creditors for the next ten days.
Lawyer Basile Chiasson said he will be back in court next Friday to ask for an extension until the end of September.
This story was brought to Nouzie by RSS. The original post can be found on https://www.cbc.ca/news/canada/new-brunswick/lameque-fish-processor-seeks-creditor-protection-9.7307969?cmp=rss
