Page last updated: November 18, 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.
On November 5, 2024, PwC was discharged as the monitor, and Ernst & Young Inc. ("EY") was appointed as monitor (the “Monitor”). Please proceed to the Monitor’s website at: www.ey.com/ca/tealjones for further information and updates in relation to the CCAA Proceedings.
On October 20, 2024, the Monitor issued the Monitor's 5th Report, which can be found under the Monitor's Report tab.
On October 21, 2024, the Court granted the following orders:
The Approval and Vesting Order and Distribution Order for the sale of the Revelstoke Property can be found under the Court Orders tab.
The Company's application to declare that the stay of proceedings pursuant to the SARIO applied to Intact Insurance Company was adjourned to November 5, 2024 to allow the parties to file additional evidence. The Court also adjourned the application by Supply All to November 8, 2024 at 10am PST.
A hearing has been scheduled for October 21, 2024 to hear the application filed by the Company on May 13, 2024 requesting SARIO be applied to Intact Insurance Company (the "Surety") and the Customs Bond. A copy of the requisition to reset the hearing of notice of application filed May 13, 2024 for a new time on Oct 21, 2024 was filed on Oct 16, 2024. A copy of this requisition can be found under the Motion Materials tab. The Company's original application filed on May 13, 2024 can also be found under the Motion Materials tab.
The Company has also serviced a Notice of Application for the October 21, 2024 hearing seeking:
1) Approval and Vesting Order approving the sale of real property, buildings and equipment located at 3631 and 3721 Trans Canada Hwy in Revelstoke, BC (collectively, the "Revelstoke Property") and vesting the purchased assets in 1503182 B.C.; and,
2) Distribution Order authorizing and directing the Petitioners to distribute of the net sale proceeds from the Revelstoke Property to the Interim Lenders, RBC and BDC.
Copies of application materials can be found under Motion Materials tab.
On October 8, 2024, Supply All Trading Company (“Supply All”) filed application materials that their counsel indicated was to be heard at the October 21, 2024 hearing. The application includes the following requests:
On October 10, 2024, Intact Insurance filed application response for a hearing to be held on Oct 21, 2024.
Relevant motion materials can be found under Motion Materials tab.
On September 23, 2024, the Court granted an Approval and Vesting Order and Distribution Order for the Aircraft permitting:
Approval and Vesting Order and Distribution Order for the Aircraft can be found under the Court Orders tab.
A hearing is scheduled to take place on September 23, 2024. At the hearing the Company will be seeking an approval and vesting order to sale an aircraft. It will also be seeking an approval of a distribution order to apply the net sales proceeds of the aircraft sale to the Interim Lenders. The applicable motion materials have been posted to this website (found under the Motion Materials tab). The Monitor's report has been posted under the Monitor's Reports tab.
On July 30, 2024, a hearing has been held at 10 a.m. Pacific Standard Time in Vancouver, British Columbia. The Court granted the following:
The above Orders can be found under the Court Orders tab.
A hearing is scheduled to take place on July 30, 2024. At the hearing the Company will be seeking an extension of the Stay Period up to and including November 23, 2024. The Monitor will also be seeking an order approving its activities to date. The applicable motion materials have been posted to this website (found under the Motion Materials tab).
The Monitor prepared its Third Report to the Court (found under the Monitor's Reports tab), which provides additional information on the extension the Company is seeking from the Court, alongside an update on the activities of the Company and the Monitor.
The relevant Court Orders will be uploaded to the website under the Court Orders tab once available.
On May 29, 2024, Teal Jones Holdings Ltd, as the representative of the Petitioners, obtained an Order Granting Recognition of Foreign Main Proceeding and Certain Related Relief on a Final Basis (the "Recognition of Foreign Main Proceeding Order"). Among other items, the Order provided the following:
A copy of the Order Granting Recognition of Foreign Main Proceeding can be found in the Chapter 15 Proceedings tab.
The Monitor has commenced the Sales and Investment Solicitation Process and is now seeking offers for the sale of, or investment in, the Teal-Jones Group. A copy of all information related to the sales process is included under the "Sales Process" tab.
Any interested parties who wish to participate in the sales process should reach out to the Monitor at ca_tealjones@pwc.com for more details. The Monitor will be accepting non-binding offers from qualified bidders until July 26, 2024.
A Court date was scheduled for May 13, 2024 with respect of the customs bond, however the Company has been able to reach an agreement on a path forward with the insurance company and therefore the hearing has been adjourned.
On May 10, 2024, the Court granted a Second Amended and Restated Initial Order, Distribution Order for Real Property, Distribution Order for Softwood Duties and a Sale and Solicitation Order permitting:
The Second Amended and Restated Initial Order, Distribution Order for Real Property, Distribution Order for Softwood Duties and Sale and Solicitation Order can be found under the Court Orders tab.
On May 9, 2024, the U.S. Bankruptcy Court for the District of Delaware granted an Order granting Provisional Relief under section 1519 of the Bankruptcy Code.
The Order can be found under the Chapter 15 Proceedings tab.
On May 3, 2024, the Court granted an Amended and Restated Initial Order, granting:
The Restructuring Support Agreement between the Company and the WF Lenders and the Interim Financing Facility;
A further Court hearing has been scheduled for May 10, 2024. At the hearing, the Petitioners are seeking the Court's approval for the commencement of the Sales and Solicitation Process, and approval of the distribution of funds associated with the sale of certain non-core assets.
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.
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.