Teal Jones Files for Creditor Protection at BC Supreme Court
Teal Jones forestry company files for creditor protection in B.C.
On Thursday, BC-based Teal Jones filed for creditor protection at the BC Supreme Court, Global News reported (4-28-24).
Teal Jones told the court that it “…began facing significant liquidity challenges in 2023 due to external market factors and can no longer continue to meet their obligations as they become due.”
As part of the reconstruction plan, stated in the court petition, Teal Jones is proposing to sell one of its mills in the US and some forestland in Haida Gwaii. It still unclear how the sales will affect BC foresters and woodworkers, Global News said.
BC Minster of Forests Bruce Ralston told the Global News that he is watching the unfolding situation. “Teal Jones is a major and important forestry company in BC, and it also has operations in several American states. The purpose of the court application is to hold off the creditor actions until they can readjust some of their internal revenue sources.”
Teal Jones’ next court date has been scheduled for Friday, May 3rd. At the time of publishing, the company had not responded to a request from Global News for comment.
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