Forestry company Teal Jones files for creditor protection in B.C. court

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.

South Africa South Africa Latest News, South Africa South Africa 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 »

Sutcliffe meets with airline and business executives on business trip to LondonMayor Mark Sutcliffe met with airline industry executives in London on Monday, as he continues his trade mission to promote the capital as a tourism destination.
Source: ctvottawa - 🏆 29. / 67 Read more »

Creating a unique business plan: Setting your business up for successNorthern Credit Union provides essential support for entrepreneurs in Northern Ontario
Source: SooToday - 🏆 8. / 85 Read more »

Creating a unique business plan: Setting your business up for successNorthern Credit Union provides essential support for entrepreneurs in Northern Ontario
Source: sudburydotcom - 🏆 6. / 89 Read more »

Northern B.C. leaders offer insights on forestry industry at Vancouver conferenceVanderhoof Councillor Brian Frenkel and Prince George Mayor Simon Yu on COFI conference panel
Source: TerraceStandard - 🏆 24. / 68 Read more »