Global Food and Ingredients Ltd. announced it has received letters from both of the senior secured lenders (Lenders) to GFI's subsidiary Global Food and Ingredients Inc. (Subsidiary), which demand full payment of the subsidiary's debts. The letters demand immediate full payment of the outstanding debt balances of $14,987,992 and $6,844,973, respectively, together with all accrued interest, fees and legal costs. In addition, the Lenders have each provided the Subsidiary, GFI and other GFI subsidiaries with a Notice of Intention to Enforce Security (BIA Notices) pursuant to subsection 244(1) of the Bankruptcy and Insolvency Act (Canada) (BIA).

As previously disclosed in its May 7, 2024 press release, GFI has been placed in an untenable financial situation and is unable to obtain creditor protection. The application for the appointment of the receiver is anticipated to be heard on May 23, 2024 at the Superior Court of Justice in Toronto, Ontario.