Teal Jones Group, headquartered in Surrey, British Columbia, announced it will reopen all of its mills in Virginia, Oklahoma, and Mississippi on May 13, 2024. The decision follows the company's restructuring under the Canadian Companies Creditors Arrangement Act (CCAA), initiated on April 25, 2024, due to declining lumber prices and disputes over logging rights on Vancouver Island.
Supported by $56 million from Wells Fargo, Teal-Jones Group is set to resume operations, ensuring job continuity across its locations. This restructuring does not impact its U.S. operations, specifically the Teal Jones Sawmill in Plain Dealing, Louisiana. Teal Jones-Plain Dealing, LLC, which manages the Plain Dealing Sawmill, remains independently funded and is not involved in the CCAA proceedings.
Construction at the Plain Dealing Sawmill continues without disruption, with the facility anticipated to start production in summer 2024 and reach full capacity by fall. When complete, the facility will produce a wide range of dimensional and specialty lumber products with a production capacity of 300 million board feet per year.
