The San Group, with operations in Port Alberni, has filed for creditor protection in B.C. Supreme Court due to a debt of nearly $200 million. Seventy-five people were laid off in October as the company curtailed operations, blaming 'available log supply'. This move impacts local employment, especially close to the holiday season.
Faced with what appears to be a crippling debt of almost $200 million, the San Group , which has a sawmill and a remanufacturing plant in Port Alberni , has filed for creditor protection in B.C. Supreme Court.
“It’s always hard to see this happening with a local company and obviously this time of year, I mean it’s just before Christmas, people are out of work,” said Port Alberni Mayor Sharie Minions. “I think that’s a very uphill climb for that company to look at what to do with that amount of debt,” Elstone said. “But this forest industry the way it is, the challenges of log supply, the challenges with markets in general. Yeah, that’s going to be a tough one.”newsletter says San Group’s problems are symptomatic of what’s happening in the forest industry across the province, adding only 50 per cent of the allowable cut was harvested last year — and he blames the B.C. government.
The Province endeavours to obtain full payment of stumpage owed to the government and closely monitors the harvesting activities of all licensees.”
San Group Creditor Protection Port Alberni Debt Laid Off Sawmill Remanufacturing Plant
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