Restoration Forest Products Group, LLC (together with its subsidiaries, “RFOR”) announced that it has successfully emerged from Chapter 11 with a strengthened balance sheet and increased financial flexibility to generate significant economic value in the Northern Arizona region.
“Today marks the beginning of a new chapter at RFOR and a step forward in advancing our mission to aid in the restoration of Arizona’s forests,” said Tony Flagor, Chief Executive Officer of Restoration Forest Products. “We accomplished all of our objectives for this process and are now moving forward as a stronger, better capitalized company focused on the continued restoration and health of our forests, wildfire prevention and safe production of world-class lumber and value-added wood products. As we near completion of our facility in Bellemont, Arizona, we are well-positioned to build on our momentum, strengthen our operational foundation and expand our forest restoration initiatives.”
During the court-supervised process, RFOR continued its forest treatment efforts across 4 of its 7 timber sale tracts. RFOR retains approximately 12,269 acres of harvestable acres across all 7 timber sale tracts. Simultaneously, the Company made substantial enhancements to its operating capabilities, including growing its production volume at its facility in Bellemont, Arizona through the initiation of a second shift in its Engineered Wood Products plants and sawmill lines and revitalizing its workforce with expanded talent to its wood product manufacturing capacity.
In connection with emergence, Invesco Senior Secured Management, Inc. has become new majority owner of the Company in partnership with Lateral Investment Management. Their investment of $95 million is crucial in advancing RFOR's important work to protect national and state Ponderosa Pine forests, reduce the risk of severe wildfires, and mitigate subsequent post-fire flooding through critically needed forest treatment.
Restoration Forest Products Group, LLC is a sustainable forest products company restoring overgrown forests to a healthy, more natural state with the mission of reducing the incidence of catastrophic wildfires through innovative and practical land management tactics.
