The Teal Jones Group, a prominent forest products company based in Surrey, British Columbia, has sought protection under the Companies' Creditors Arrangement Act (CCAA) as of April 25, 2024. Founded in 1946 by World War II veteran Jack Jones and now managed by his sons, Dick and Tom Jones, the company has grown to become the largest privately-owned forest products entity on the West Coast of Canada. As of late February, Teal Jones reported assets valued at approximately $732.1 million.

The move for CCAA protection follows a series of financial challenges, including a decline in lumber prices, inflationary pressures, and rising interest rates. These factors contributed to reduced liquidity and led to the company defaulting on specific loan covenants with Wells Fargo in November 2023. Despite a forbearance period where Teal Jones had to achieve certain milestones, they failed to meet these requirements, leading to a lack of further accommodations from lenders.

In response, Teal Jones has initiated a Sales and Investor Solicitation Process (SISP) within the CCAA proceedings and is seeking recognition of these proceedings under Chapter 15 of the US Bankruptcy Code. PwC has been appointed as the monitor. Legal advisories include DLA Piper representing Teal Jones, Dentons for the monitor, Blakes for RBC, Bennett Jones for Wells Fargo and EDC, and BLG for BDC.