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Kenora Forest Products

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Kenora Forest Products Mill Sold

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Almost a year after it shut down, the Kenora Forest Products Mill has been sold.

Itasca Capital Limited says one of its investee companies, 1347 LLC, has purchased the mill

The company purchased the mill from a receiver because Prendiville Industries declared bankruptcy late last year.

The purchase includes the sawmill and related equipment and about 114 acres of land.

The company will now be called GreenFirst Forest Products.

The sale is expected to be complete by October 5th, and Itasca says the goal is to bring the Kenora mill online quickly.

 

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Prendiville Industries Seeks Bankruptcy Protection

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Prendiville Industries, the company that owns the Kenora Forest Products Mill, has filed for bankruptcy protection.

The company owes over $28 million, including $13.5 million to the CIBC.

Three million dollars is also owed to FedNor and $4.3 million to Province of Ontario, including $2.5 million to the Northern Ontario Heritage Fund.

More than $2 million is also owed to trucking companies, including about $700,000 to Gardewine North.

Back in September, all the unionized workers had been laid off by the Kenora Forest Products mill, partly because of the softwood lumber dispute with the United States.

Potential buyers have until February 14th to buy the company.

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Kenora Forest Products Announces Temporary Curtailment At Sawmill

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Kenora Forest Products is reporting that they will be temporarily curtailing their sawmill operations in Kenora.

The company says the curtailment will begin on September 23rd.

The decision to curtail operations comes from weak domestic and global lumber markets and the 20.23% lumber duty deposits imposed on exports to the United States.

The company says that exports to the US make up for 95% of their shipments.

They also say as a family run business with over 115 employees, the decision has been difficult and has been deferred for as long as possible.

Kenora Forest Products as says they are committed to the long-term sustainability of the sawmill, and are optimistic that market conditions will improve in the near term.

KFP Curtailment by Rayson Martyn on Scribd