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B.C. court approves sale of C&C Wood Products and Westside Logging
July 31, 2020 By PJ Boyd
The lumber yard and sawmill at Quesnel, B.C.-based C&C Wood Products. Photo: Annex Business Media
The provincial government has approved the purchase of C&C Wood Products and Westside Logging to Quesnel Investment Corporation. The non-licence asset purchase agreement is estimated to close in five business days and the forest and timber licences purchase agreement is to close by October 31, 2020, reports the Williams Lake Tribune.
The approval comes after an offer was made to PricewaterhouseCoopers (PwC) – the court appointed receiver of C&C Wood Products – to Quesnel Investment Corporation who made the offer to purchase and operate C&C Wood Products’ specialty mill and Westside Logging earlier this month.
Prior to the companies filing for bankruptcy on June 2 – putting more than 200 local, full-time jobs in limbo – operations had stopped at the specialty mill on May 29. PwC was appointed receiver of all the assets, undertakings, and property of C&C Wood Products Ltd. and Westside Logging Ltd. on June 5, 2020.
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