The Minister of Forests has received a request from Teal Cedar Products Ltd.
(Teal) to transfer Replaceable Forest Licence A19201 and associated Road Permits
to Western Canadian Timber Products Ltd. (WCTP).
Approval for this
transfer is being requested as a result of a sales and investment solicitation
bidding process initiated by Teal under the Federal Companies' Creditors
Arrangement Act (CCAA). The transaction between Teal and WCTP comes after court
approval in accordance with the CCAA proceedings.
The transfer requires
approval by the Minister before it can be in effect. The terms of the proposed
bid and resulting transaction are bound by the court's decision, and cannot be
adjusted by the proponents. However, in reviewing this proposed transfer the
Minister is able to consider and weigh expressions of public interest, and to
consider the potential effect on other entities such as First Nations, other
fibre users, businesses, individuals, and communities.