Structurlam Mass Timber Corporation, the leading mass timber manufacturer in North America, has entered into a stalking horse asset purchase agreement (the "APA") with Mercer International Inc. to sell substantially all the Company's assets in British Columbia and Arkansas for US$60 million.
In conjunction with the APA, Structurlam Mass Timber has voluntarily filed petition for relief under Chapter 11 of the U.S. code. Recognition of the Chapter 11 proceedings will be sought in the Supreme Court of British Columbia shortly thereafter.
The APA is subject to higher and better offers as part of a court monitored auction process. In addition, Structurlam Mass Timber secured a C$7.5 million debtor-in-possession facility from the Bank of Montreal to fund its operations throughout the court process.
Structurlam is the leading North American provider of mass timber solutions for construction and industrial markets in Canada and the U.S.
