On February 8, 2023, Forex Inc., Forex Amos Inc., and Wawa OSB Inc. (the "Forex Group"), a prominent family-owned business in Quebec's forestry sector, specializing in construction materials such as lumber and Oriented Strand Board (OSB), sought protection under the Companies' Creditors Arrangement Act (CCAA) on February 8.

After experiencing a significant surge in OSB and lumber prices in 2021 and early 2022, the Forex Group used its profits to repay secured debt and invest in assets. However, a subsequent market downturn led to severe financial challenges, exacerbated by a dispute among shareholders. This dispute prevented the Forex Group from effectively convening its board of directors since August 2022, hindering decision-making and the ability to address market challenges. The steep decline in OSB and lumber prices in late 2022 further strained the company's cash flow, leading to significant losses and difficulties in securing new financing.

PricewaterhouseCoopers (PwC) was appointed as the Monitor for the restructuring process. Legal counsel for the Forex Group is provided by Stikeman Elliott, while Norton Rose Fulbright represents the Monitor. Miller Thomson serves as counsel for Les Placements Al-Vi Inc., the interim lender. The transaction value and specific financial terms were not disclosed.