Sale of San Group’s British Columbia Assets Awaits Court Approval

The major assets of San Group are under contract to be sold, pending court approval, the Times Colonist reported (6-11-25). The main properties include the Coulson manufacturing sawmills on 21 acres in Port Alberni and San Group’s value-added facility on 25.6 acres, also in Port Alberni. Additional assets include a mill and adjacent agricultural parcel in Langley, together covering roughly 45 acres.

The monitor overseeing the credit protection process for the Langley-based forestry company—which owes more than CA$150 million—has applied for court approval to finalize the sale and transfer of title for the four properties, including the mill sites in Port Alberni. A court date is scheduled for later this week.

In its seventh report filed last week, Deloitte Restructuring noted that the proposed sale prices were redacted from the court documents. The monitor warned that disclosing the amounts could be “detrimental to the monitor’s ability to sell these assets should any of the transactions fail to close,” and would undermine efforts to maximize returns from the sales.

San Group’s largest creditors—Royal Bank, owed $106 million, and the Business Development Bank of Canada, owed about $40 million—support the sales, despite acknowledging “they will suffer a significant shortfall on their debt.”

The Surrey-based Fraserview Cedar Partnership, a conglomerate of companies, has agreed to acquire the Coulson facility. The group said it expects to restart operations at the mill later this year if the deal is approved. Fraserview recently purchased the mill’s inventory for $1.16 million.