Teal Jones forestry company files for creditor protection in B.C.
Global News
On Thursday, Teal Jones filed a petition for creditor protection at the B.C. Supreme Court.
The company at the centre of the Fairy Creek logging protests on Vancouver Island several years ago appears to be in trouble.
The B.C.-based company Teal Jones is bleeding money and its many employees, are now facing an uncertain future.
On Thursday, Teal Jones filed a petition for creditor protection to the B.C. Supreme Court, revealing how hard it has become to balance the books.
“…the petitioners began facing significant liquidity challenges in 2023 due to external market factors and can no longer continue to meet their obligations as they become due,” the petition said.
B.C.’s Minister of Forests Bruce Ralston said he is watching the unfolding situation.
“Teal Jones is a major and important forestry company in B.C. and it also has operations in several American states,” Ralston told Global News. “The purpose of the court application is to hold off the creditor actions until they can readjust some of their internal revenue sources.”
A B.C. business analyst agrees that the company is trying hard to keep up with the costs of doing business.
“I think the big deal is they’re going to have (financing) getting renewed at higher rates than what they had before. Their labour costs, other input costs have all gone up,” business analyst Mike Campbell said.
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