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B.C. forestry company Teal Jones battling bankruptcy

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Low lumber prices, inflation, interest rates puts Surrey company in the red

The company filed for creditor protection on Friday under the Companies’ Creditors Arrangement Act and, since it owns mills in the U.S., will also be filing for Chapter 15 protection in the U.S. under the U.S. Bankruptcy Code.

In the first two months of 2024, the company said costs exceeded sales, resulting in a $4 million loss. The company also noted in a report by its monitor, PwC, that “a costly protracted demonstration at the logging site of one of forest licences" cost the company $40 million.

 

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