Low lumber prices, inflation, interest rates puts Surrey company in the red.
The company filed for creditor protection on Friday under the Companies’ Creditors Arrangement Act and will also be filing for Chapter 15 protection in the U.S. under the U.S. Bankruptcy Code.
It employs roughly 1,000 people, including 400 in Surrey, where it operates three mills that produce lumber, cedar shakes, and shingles and guitar tops. As BIV News noted in a recent story on the outlook for forestry, lumber prices fell below US$400 per thousand board feet in 2023 and remain just slightly above US$400 per thousand board feet -- roughly half the average price in 2022 of $814 per thousand board feet.
Teal Jones notes that it is in the process of selling off assets and seeks an order protecting the company against creditors while it restructures.
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