The largest privately owned logging company in B.C. has filed for creditor protection, saying it no longer has the cash flow to maintain operations and pay off its debts.
According to the court filing, Teal Jones owes more than $300 million to creditors, contributing to its total of $353.8 million in liabilities. The company holds more than double that – $732.1 million – in assets, but none of it is liquid. The vast majority of that money – $500.8 million – is held up in property, facilities and equipment.
Teal Jones is now under a 10-day “stay period,” during which they are protected from outside legal action while they come up with a “plan of arrangement.” The plan will lay out how Teal Jones plans to restructure to deal with its debt. It must then be approved by creditors and the B.C. Supreme Court.
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