June 5, 2020
C. & C. Wood Products Ltd., a manufacturer of wood products with mill facilities in Cranbrook and Quesnel, British Columbia, along with its subsidiary, Westside Logging Ltd., were placed in receivership on June 5 on application by Callidus Capital, owed approximately $91.0 million. Over the last two years, the companies sustained significant operating losses. Although the companies previously attempted to implement various restructuring initiatives and turnarounds, none of these resulted in a cash flow positive operation or a going concern sale of the companies. As a result, the companies' two facilities have now been shut down. PwC was appointed receiver. Lawson Lundell is counsel to the applicant.