Creditors temporarily prohibited from pursuing money from San Group of companies, which consists of nearly 20 related businesses and filed for protection from creditors on Nov. 29
About 500 creditors are prohibited from pursuing money from the San Group of companies — owners of a value-added plant and lumber mills in Port Alberni — until at least Dec. 19, when the court-appointed monitor returns to the Supreme Court of B.C. in Vancouver.
The San Group and its related companies owe about $150 million to primary secured creditors and there is a “significant number” of additional secured and unsecured creditors on top of that, said the monitor’s first report dated Saturday. Additional money owed includes $22 million in stumpage fees to be paid to the province and secured by liens on company property.
Port Alberni’s 2024 financial plan anticipated receiving about $31 million in property taxes. Of that, residential taxes were to bring in the largest amount at $18.7 million. Major industrial use was expected to generate $5.8 million, light industry $990,542 and businesses $5.5 million. Firms providing rental, environmental, excavating and trucking services, plus tugs, office supplies, forestry products, propane and concrete are also on the creditor lists. Some creditors have claims against more than one of the related companies.
Plus “there is a need for more accurate and timely information from the petitioners ,” the monitor said. Operating costs for the companies included a reported net loss of $26.8 million this year on top of $21.4 million last year.
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