Rockshield Engineered Wood Products has announced it is undergoing restructuring in the hopes of avoiding bankruptcy and the permanent closure of their Cochrane, Ontario facility. Rockshield, says it intends to remain in operation through the restructuring process. The privately-owned company operates a plywood veneer mill in Cochrane, making veneer panels for the residential and commercial construction in Canada and the U.S. Their products are used in furniture, kitchen cabinets, bathroom vanities, wall paneling, doors, and stair parts. The company employs 165 people and provides indirect work for another 300. It is one of the largest employers in the northeastern Ontario town of 5,000. On February 8, 2021, Rockshield filed a Notice of Intention to Make a Proposal (NOI) in Ontario Superior Court, listing $15.1 million in liabilities, including $2.9 million owed to the Bank of Nova Scotia, its lender. The purpose of the filing was to give the plywood manufacturer some ‘breathing room’ to get its financial house in order.
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Cash-strapped Cochrane veneer mill enters restructuring process