{"id":87567,"date":"2024-05-10T07:06:26","date_gmt":"2024-05-10T07:06:26","guid":{"rendered":"https:\/\/tin.happy-projects.ro\/teal-jones-restarts-sawmills-after-reaching-interim-financial-deal\/"},"modified":"2025-09-19T09:02:00","modified_gmt":"2025-09-19T09:02:00","slug":"teal-jones-restarts-sawmills-after-reaching-interim-financial-deal","status":"publish","type":"post","link":"https:\/\/www.timberindustrynews.com\/ro\/teal-jones-restarts-sawmills-after-reaching-interim-financial-deal\/","title":{"rendered":"Teal Jones restarts sawmills after reaching interim financial deal"},"content":{"rendered":"

Teal Jones Group began restarting its sawmills this week, including three operations in Surrey that employ 400 workers, after reaching an interim financing deal with a key creditor in its insolvency proceedings in B.C. Supreme Court.<\/span><\/p>\n

In a statement, Teal Jones vice-president and chief financial officer Gerrie Kotze said the company will \u201cramp up to full production over the next few weeks.\u201d<\/p>\n

Teal Jones, on April 25, filed for protection from its creditors due to a cash crunch that left it without enough revenue to keep up with its bills.<\/p>\n

The company, on May 3, filed for an extension of the initial order that granted Teal Jones protection from its creditors after reaching what is referred to as a debtor-in-possession financing agreement with its secured creditors.<\/p>\n

B.C. Supreme Court Justice Gordon Weatherill approved that deal and granted an extension of that protection until Aug. 1 while the company continues its reorganization and seek a potential sale.<\/p>\n

\u201cThe feedback following this (Companies and Creditors Arrangement Act) filing from our stakeholders has generally been positive,\u201d Kotze wrote in an affidavit to the company\u2019s May 3 filing.<\/p>\n

In his statement emailed to Postmedia Wednesday, Kotze said Teal Jones has reached a draft agreement with the U.S. bank Wells Fargo on the terms for what is known as a sales and investment solicitation process, which is scheduled to be heard by Weatherill in a hearing Friday.<\/p>\n

That process would see Teal Jones \u201cestablish a process to canvass the market for the best possible transaction for the sale of (the company\u2019s) property for the benefit of stakeholders,\u201d according to the third affidavit given by Kotze as part of the filing.<\/p>","protected":false},"excerpt":{"rendered":"

Teal Jones Group began restarting its sawmills this week, including three operations in Surrey that employ 400 workers, after reaching an interim financing deal with a key creditor in its insolvency proceedings in B.C. Supreme Court. 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Supreme Court. 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