Tolko’s lumber mill in Lavington, BC is operating again after a two-month interruption. In related news: Arizona’s Restoration Forest Products filed for bankruptcy; Enviva’s woes could lead to stock exchange loss; and PotlatchDeltic reported a slight loss in Q4, 2023.
In other news: three Canadian provinces push for mass timber code changes; Ontario invests in its forest sector; BC’s proposed Land Act changes are called ‘huge’; US consumer confidence is up; Canadian home builders are increasingly pessimistic, and the US Federal Reserve is in no hurry to cut interest rates. Meanwhile: the latest from the Wood Pellet Association of Canada; Think Wood, and the Global Wood Summit.
Finally, the Tree Frog News is proud to share that in 2023, our steady growth continued with over 74,300 unique visitors/readers. Without our supporters, North America’s only open-access forestry news aggregator focused exclusively on the forest sector, simply wouldn’t exist. February 1st marks the beginning of our 2024 year. Please consider supporting the Tree Frog, either as a Friend of the Frog or a Sponsor.
Kelly McCloskey, Tree Frog Editor
PHOENIX, Arizona — Restoration Forest Products filed for bankruptcy on Monday after the pandemic upended construction on a new production facility and a critical governmental contract fell through. The manufacturer listed liabilities of $367 million and assets of at least $100 million in court documents. The Chapter 11 filing lets Restoration Forest Products keep operating while it seeks approval of its bankruptcy plan. The company, which produces everything from lumber to wood chips, has already struck a deal with stakeholders in which it intends to slash more than $300 million in debt. As part of the bankruptcy plan, Invesco has agreed to help finance the court process, according to a statement. After emerging from bankruptcy, Invesco is slated to own the company along with its current equity sponsor, Lateral Investment Management. The plan and financing are subject to court approval.
The Global Wood Summit – to be held in Vancouver BC on October 29-30, 2024 – has announced prices for its international wood and trade conference. …Unlike other conferences that have presentations targeting more general trends, the Global Wood Summit will be focused on current pressing issues and outlooks in the wood business and trade to provide market direction to those in the business. Our speakers will feature senior company representatives and industry insiders that have hands-on knowledge and experience in exporting and importing logs, lumber, panels and pulp, in conjunction with strategic analysts and consultants and other global players. Conference partners 
WASHINGTON — The Federal Reserve will likely move closer Wednesday to cutting its key interest rate after nearly two years of hikes that were intended to fight the worst inflation in decades. Yet it may not provide much of a hint about when — or how fast — it will do so. Though Fed officials are expected to cut rates within the next few months, they’ll likely signal Wednesday that they expect to wait until they’re confident that inflation, which has tumbled from its peak, is reliably moving to their 2% target. The central bank’s benchmark rate influences the cost of most consumer and business loans, and companies, investors and individuals have been eager for the central bank to ease the cost of borrowing. …Most Fed watchers think the central bank’s first rate reduction will occur in May or June.
Open the January Think Wood News for these stories and more:
The Canada Research Chair in Water Resources and Climate Change says eastern and southern Alberta are facing some of the worst drought conditions on record. …He says the snowpack in the Rockies is overall around 70 per cent below the median for this time of year, and the recent warm spell has started significantly melting. Snowpack and glaciers help keep reservoirs up, limit low water levels during summer months and keep rivers cooler and better oxygenated. “It’s lower than it was last year at this time, and last year turned out to be a disaster,” Pomeroy said. “So I’m quite concerned.” …Last year – 2023 – was the worst fire season on record – hot, dry and destructive, triggering mass evacuation orders and stretching the world’s firefighters to the limit. …He cautions it’s too soon to know for sure what the upcoming season will bring.
