B.C. forestry company Teal Jones battling bankruptcy

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.

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Teal Jones forestry company files for creditor protection in B.C.On Thursday, Teal Jones filed a petition for creditor protection at the B.C. Supreme Court.
Source: GlobalCalgary - 🏆 50. / 61 Read more »

B.C. forestry company Teal Jones battling bankruptcyLow lumber prices, inflation, interest rates puts Surrey company in the red.
Source: BurnabyNOW_News - 🏆 14. / 77 Read more »

Forestry company Teal Jones files for creditor protection in B.C. courtBusiness says it no longer has the money to cover operational costs, pay back creditors
Source: TerraceStandard - 🏆 24. / 68 Read more »