Teal Jones restarts sawmills after reaching interim financial deal

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. In a statement, Teal Jones vice-president and chief financial officer Gerrie Kotze said the company will “ramp up to full production over the next few weeks.” 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. The company, on May 3 ...