Jun 26, 2009. /Lesprom Network/. Grant Forest Products has begun a process of reorganizing the financial affairs of its Canadian Operations under the Companies' Creditors Arrangement Act (CCAA). The company is taking this step to allow an organized restructuring of its liabilities, ForestTalk reports. The global economic situation and the dramatic downturn in housing markets, particularly in the United States, has significantly changed the operating environment for the entire industry and a capital restructuring is necessary to position Grant Forest Products for future growth. “We continue to work closely with our lenders and are entering the CCAA process with their cooperation,” said Peter Grant Jr., President, Grant Forest Products. “This is a proactive step to reorganize the company in a way that will help ensure our future success. We’re well positioned to come out of this as the dominant North American market player in oriented strand board (OSB) with the lowest cost base and highest quality assets in our industry." “We’re doing everything we can to protect jobs, the community and our important customer and supplier relationships. The CCAA process doesn’t change that. In fact, strengthening our company is the best way to protect jobs and that’s just what we’re doing,” added Grant. Grant Forest Products mills are among the lowest cost and largest in the industry giving it a significant edge over competitors. The facilities include some of the newest technologies and have the flexibility to produce a wide range of products across multiple markets. The technology of the mills, coupled with 27 years of process know-how has led to a stronger low-cost position vs. the industry. OSB is a value added industry that’s the future of the forestry sector in Ontario. This restructuring will put Grant Forest Products in an excellent position to capitalize on it. At full operation, Grant employs nearly 540 people in Ontario and a total of about 715 in Canada. The economic spin-off effects of its business support an additional 3,000 jobs and 500 Ontario companies.