Posted 3/13/2024, 2:33:00 AM
Lumber Company Files for Bankruptcy to Restructure and Cut Debt, Pauses Some Projects
- Restructuring plan to reduce debt by $1 billion, improve profitability, and position business for long-term success
- Company files for Chapter 11 bankruptcy to implement pre-arranged restructuring plan
- Secures $500 million in debtor-in-possession financing to support operations
- Continues constructing Alabama plant, pauses Mississippi plant development
- Existing shareholders to receive 5% equity and warrants for additional 5% in reorganized company