Page last updated: May 2, 2024
This page is for information purposes only and you should consult your professional adviser if you have any questions or are uncertain as to your rights or obligations.
In preparation of the hearing to take place on May 3, 2024 (the "Comeback Hearing"), the Monitor has posted the applicable motion materials (found under the Motion Materials tab).
The Company is seeking to have the following approved by the Court at the Comeback Hearing:
The Monitor has posted its First Report to the Court (found under the Monitor's Reports tab), which speaks to the approvals the Company is seeking from the Court, alongside providing an update on the Company's activities since the Filing Date.
In addition, a hearing on the Merits of Recognition, with respect of the application for recognition of the CCAA Proceedings in the United States under Chapter 15, to be heard before the United States Bankruptcy Court for the District of Delaware (the "U.S. Court") has been set for May 31, 2024.
In preparation of the hearing to take place on May 3, 2024 (the "Comeback Hearing"), the Monitor has posted the applicable motion materials (found under the Motion Materials tab).
The Company is seeking to have the following approved by the Court at the Comeback Hearing:
In addition, a hearing on the Merits of Recognition, with respect of the application for recognition of the CCAA Proceedings in the United States under Chapter 15, to be heard before the United States Bankruptcy Court for the District of Delaware (the "U.S. Court") has been set for May 31, 2024.
On April 26, 2024, Teal Jones Holdings Ltd, as representative of the Petitioners, applied for the recognition of the CCAA Proceedings in the United States by filing a petition under Chapter 15 of the United States Bankruptcy Code (the “Chapter 15 Proceedings”) before the United States Bankruptcy Court for the District of Delaware (the “U.S. Court”) pending a hearing on the merits of recognition. A date for the hearing has not yet been provided by the U.S. Court. We refer you to the filed petitions dated April 26, 2024 for more information.
On April 25, 2024 (the "Filing Date"), Teal Jones Holdings Ltd., Teal Cedar Products Ltd., Columbia River Shake & Shingle, Teal Jones Aviation GP Ltd., Teal-Jones Group, Teal Jones Aviation Limited Partnership, Teal Jones Holdings USA Inc., Teal Jones Lumber Services Inc., Teal Jones Dry Kilns, LLC, Teal Jones Lumber Sales, LLC, Pine Products, LLC, Potomac Supply, LLC, Teal Jones Lumber, LLC, Teal Jones Louisiana Holdings, LLC, GreenTree Lumber Company LLC, (collectively the “Company” or “the Petitioners”) sought and obtained an Initial Order of the Supreme Court of British Columbia (the “Court”) pursuant to the Companies’ Creditors Arrangement Act (the “CCAA”).
PricewaterhouseCoopers Inc. LIT (“PwC”) was appointed as the Monitor. As a result of the CCAA filing, there is a stay of proceedings in place until May 3, 2024, (the “Initial Stay”), subject to any extensions of the Initial Stay that the Court might grant upon application by the Company.
The next court application will be Friday May 3, 2024 (the “Comeback hearing”).
On April 26, 2024, the Company plans to apply for the recognition of the CCAA Proceedings in the United States by filing a petition under Chapter 15 of the United States Bankruptcy Code (the “Chapter 15 Proceedings”) before the United States Bankruptcy Court for the District of Delaware (the “U.S. Court”).
Notice of the CCAA and the Monitor’s appointment will be emailed or mailed to all affected creditors shortly and will be posted under the creditor’s communication tab.
The Monitor will post regular status updates to this website and post future Monitor reports and Court materials, as they become available during the CCAA and Chapter 15 proceedings.
This page is for information purposes only and you should consult your professional adviser.
This page is for information purposes only and you should consult your professional adviser.
This page is for information purposes only and you should consult your professional adviser.
This page is for information purposes only and you should consult your professional adviser.