According to a report from The Western Producer, Rite Way is positioned to acquire the assets of Morris Industries, according to May 26 court documents.
The report stated, "On May 22, 2020, as a result of extensive negotiations and multiple communications, the monitor, with the support BMO, executed a non-binding letter of intent for a proposed sale transaction with Superior Farms Solutions Ltd. and its general partner, Rite Way Mfg. Co. Ltd.”
The court-appointed monitor is expecting an agreement on June 19, which is expected to close June 30.
The report noted the "monitor’s powers were expanded Feb. 16 after all of the company directors resigned."
Morris Industries entered creditor protection back in January, and closed its dealership in Virden, Man. in March.
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