Great Northern Timber Group, a Halifax, Nova Scotia-based forestry company, filed an NOI on August 27, listing collective liabilities of over $18.7 million, including $9.9 million to CIBC and $2.1 million to Roynat.

The group’s operations were materially affected by weak commodity prices in 2023 and 2024, combined with a series of contract disputes with certain customers which adversely impacted the group’s cash flow and working capital availability.

Negotiations between the group and CIBC with respect to forbearance agreement terms failed to produce a mutually acceptable agreement and on August 20, the bank demanded repayment. One week later the group sought creditor protection.

EY is the proposal trustee.

Counsel is Stewart McKelvey for the group, Stikeman Elliott for the proposal trustee, Cox & Palmer for CIBC and BoyneClarke for Roynat.