The BC Supreme Court has approved the sale of C & C Wood Products in Quesnel !
That paves the way for Quesnel Investment Corporation to purchase the specialty mill as well as Westside Logging.
According to the PricewaterhouseCoopers website, the court appointed receiver of the mill that was recommending that the court accept the bid, the non-license asset purchase agreement is expected to close within 5 business days and the license asset purchase agreement is expected to close by October 31st.
The Court also granted an order which approved the sealing of the confidential supplement to the First Report.
C&C Wood Products filed for bankruptcy back on June 2nd and halted operations on May 29th.
The mill employed 114 people at the time, not including the logging operation.
ORIGINAL STORY BACK ON JULY 24TH
It still need the approval of the BC Supreme Court, but a company has made an offer to purchase C&C Wood Products in Quesnel with the intention of continuing to operate it.
PricewaterhouseCoopers, the court appointed receiver of the specialty mill and Westside Logging, is recommending that the court accept the offer of Quesnel Investment Corporation.
The Receiver’s report to the court states that on July 20th it entered into two purchase agreements with Quesnel Investment Corporation.
One for the non-license assets such as the property, the plant and its equipment and the inventory, and the second for the license assets, specifically the forest and timber sales licenses of the companies.
The document indicates that that represents 145 jobs in the community.
C&C Wood Products filed for bankruptcy back on June 2nd and halted operations on May 29th.
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