Mar 20, 2009. Buchanan Forest Products Ltd., has gone into receivership and almost all of its salaried employees, more than 40 people, have been let go.
Buchanan Forest Products goes into receivership, employees at 8 sawmills laid off
Mar 20, 2009. /Lesprom Network/. Buchanan Forest Products Ltd., has gone into receivership and almost all of its salaried employees, more than 40 people, have been let go, as Canadian Business Online informed Lesprom Network.
The company, which runs the wood harvesting operations for the Buchanan Group of companies, laid off salaried staff at 8 idled sawmills located across northwestern Ontario, including managers and engineers. Only general managers and one or two support staff remain at each site.
More than 1,000 workers have been laid off from the mills for at least a year, and for some almost three years. Employees at 3 Buchanan mills were told last month the company does not have the money to pay severance and termination.
Buchanan vice president Hartley Multimaki said a major creditor, the TD Bank, requested that Deloitte and Touche step up its role from company monitor to receiver, to protect the bank's investment.
