Skeena owns a sawmill, forest tenures and a wood pellet bioenergy plant. The sawmill and pellet plant are located on lands owned by Skeena in Terrace, B.C. The current owners of Skeena acquired the sawmill and certain lands in 2011. The pellet plant was constructed subsequently and went into operation in 2019. Ultimately, the businesses were unprofitable, with the result that the shareholders, through a related company (the petitioner in the receivership proceedings) were forced to continue funding operations through into 2023 when both the sawmill and pellet plant were closed.
At the time of the receivership, apart from amounts owing to the petitioner, Skeena was indebted to numerous trade and other creditors, many of whom had filed or otherwise asserted liens or other priority claims to Skeena’s assets.
Upon its appointment, the Receiver initiated a sale process to find a buyer for Skeena’s assets. It is anticipated that the sale will complete sometime in early 2024.
Jurisdiction
- Canada
