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We look forward to a successful process and future for Northwest Hardwoods". Throughout this process, we will continue to serve our customers and deliver on our mission of delivering the best hardwoods products in the industry. Check out our directory. Northwest Hardwoods Inc., owned by private-equity firm Littlejohn & Co., on Friday said it reached an agreement on a financial restructuring that will reduce its debt by about $270 million. In addition, NWH has received a commitment from Bank of America and Wells Fargo to refinance the existing ABL facility as part of the financial restructuring, ensuring that the Company will continue to have ready access to a working capital facility going forward. Communications@nwhardwoods.com Significantly, the Bankruptcy Court authorized the Company to use over $22 million of available cash to pay all critical vendors and other service providers any pre-bankruptcy amounts owing as invoices for those amounts become due and owing. The fire began in the air compressor room and extended out into Copies of that plan are available to the public at https://cases.primeclerk.com/nwh or by contacting Brenda Walters, paralegal, at 302-573-7791, or by email at nwhinfo@primeclerk.com. Northwest Hardwoods, Inc. has filed for Chapter 11 bankruptcy, seeking to eliminate $270 million in debt and financially restructure the company, which has 30 facilities across North America. Garibaldi Fire & Rescue responded to a small fire around 5:58 a.m. Thursday, Jan. 2, at Northwest Hardwoods. Northwest Hardwoods Inc. Credit Rating Negative Credit Rating Tacoma, Wash.–based Northwest Hardwoods Inc.'s operating performance has continued to deteriorate over the past few quarters due to weak pricing and demand, resulting in negative EBITDA for full year 2019. On November 23, 2020, Northwest Hardwoods, Inc. and certain of its affiliates ("NWH" or the "Company") took the next step in implementing its restructuring support agreement (the "RSA") by filing voluntary petitions for relief under Chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware (the "Bankruptcy Court"). Northwest Hardwoods is located at 3000 Galvin Road, in Centralia. We’ve changed our name, but we’re still an essential community of organizations and professionals who deliver and enable secured financing to businesses. Northwest Hardwoods’ Hopwood plant has cut production and employee hours since China imposed 25% tariffs on U.S. wood and lumber exports. "On November 23, Northwest Hardwoods and certain of … Northwest Hardwoods, Tacoma, Washington. For All Sales Inquires: 800-553-5345 Northwest Hardwoods laid off more than 40 employees at its Longview mill in the wake of the company’s struggle to secure a steady supply of raw materials. Given the strong level of support from our lenders and creditors, we expect to complete this process over the next 60 days.”, In addition to reducing company debt by $270 million, Jeppson said in a letter to company shareholders that the process would reduce debt service and increase cash flow for reinvestment, and would maintain employee pay and benefits.Â, “Importantly we reiterate that all operations will continue as usual, with our employees, suppliers, vendors and other creditors to be paid in full in the ordinary course of business,” Jeppson wrote to shareholders. Upon resolution, the secured noteholders will convert their ~$379 million of secured notes into $110 million of new exit term loans and 99% of the equity in reorganized NWH (subject to dilution by a management incentive plan). Don't Threaten. Please be sure to bookmark our new URL SFNet.com, 370 7th Ave. Ste. Its North America operations include 20 facilities that produce over 20 species of domestic hardwoods. NWH is represented by Gibson, Dunn & Crutcher LLP and Young Conaway Stargatt & Taylor, LLP as legal co-counsels and Huron Consulting Group as financial advisor. “Today marks an important milestone in our process to significantly reduce our debt so we can re-invest in long-term growth,” said CEO Nathan Jeppson, in a news release in November. 1801 New York, NY, 10001 Headquartered in Tacoma, Washington, Northwest Hardwoods (“NWH” or the “Company”) is the world’s leading manufacturer and distributor of North American hardwood lumber and is recognized as the “Gold Standard” in its industry. Specifically, the RSA accomplishes several key objectives:  1) reduce the company's debt by $270 million 2) significantly reduces debt service obligations, thereby increasing cash flow available for re-investment in the business and 3) most importantly, accomplishes this without reducing employee pay or benefits and with no expected impairments to customers or vendors. The company filed for bankruptcy in U.S. Bankruptcy Court for the District of Delaware and filed a prepared plan of reorganization in November. person will not be tolerated. Northwest Hardwoods Files Chapter 11 to Implement Consensual Comprehensive Restructuring TACOMA, Wash., November 24, 2020 On November 23, 2020, Northwest Hardwoods, Inc. and certain of its affiliates (“NWH” or the… Longview, Centralia and Eugene. We look forward to a successful process and future for Northwest Hardwoods,” the statement from the ad hoc group reads.Â. “We look forward to emerging on the other side of this process with the right financial structure, enabling us to become an even stronger business.”. DRIVERS Scot Industries is hiring a full time driver. Phone: (212) 792-9390 Fax: (212) 564-6053, Northwest Hardwoods Files Chapter 11 to Implement Consensual Comprehensive Restructuring, SFNet's Women in Secured Finance Conference, Member Search: SFNet Annual Member Pricing, Ware2Go Announces Collaborative Agreement With Fundera, Mutuo Financiera Closes USD 100 Million Financing Facility Provided by Crayhill Capital Management, Franklin Capital Announces New Website Launch, Tailored Brands may Seek Chapter 11 Protection if COVID Effect Continues, Garrington Group of Companies Finalizes Purchase of the assets of Liquid Capital Corporation. According to the company, it serves more than 2,000 customers in 60 countries and has an estimated annual hardwood lumber capacity of 320 million board feet. Inslee's order on face masks? An ad hoc group of the holders of the company's secured notes (the "Ad Hoc Group"), encompassing over 90% of the company's secured notes, has likewise expressed its support of this agreement. Share with Us. Your Email: Join Today. Northwest Hardwoods, Inc. is located in Tacoma, WA, United States and is part of the Lumber & Plywood Product Manufacturing Industry. Pay is $22.68 per hour plus benefits. The case is scheduled to be heard in front of a judge on Jan. 6. Northwest Hardwoods Garibaldi is looking for a full time log truck driver. The financial restructuring is specifically designed to ensure that NWH's executive team can remain focused on go-forward operations, which will continue in the ordinary course without interruption. Northwest Hardwoods, Inc. and certain of its affiliates ("NWH" or the "Company") announced today that the Company has entered into a restructuring support … All highway miles. Northwest Hardwoods – Headquarters 1313 Broadway, Suite 300 Tacoma, WA 98402 253-568-6800. each comment to let us know of abusive posts. that is degrading to another person. In Washington, it has a headquarters facility in Tacoma and mills in Centralia and Longview. . Northwest Hardwoods has a sawmill location at 3000 Galvin Road in Centralia. Come on in and connect with your future. Threats of harming another or anything. Get News Stories Delivered to Your Inbox. The company announced this week it's having to close its mill in Mount Vernon, indefinitely. Must have CDL and medical card. Northwest Hardwoods, Inc. has filed for Chapter 11 bankruptcy, seeking to eliminate $270 million in debt and financially restructure the company, which has 30 facilities across North America. TACOMA, Wash., Nov. 6, 2020 /PRNewswire/ -- Northwest Hardwoods, Inc. and certain of its affiliates ("NWH" or the "Company") announced today that the Company has entered into a … The mill is set to be shuttered in November, and all 70 jobs gone. Do you agree with Gov. The Tacoma, Wash., lumber firm stated it plans to implement the restructuring both via an out-of-court debt-for-equity swap or via a prepackaged chapter 11 […] Compare how recession-proof Northwest Hardwoods is relative to the industry overall. Northwest Hardwoods was founded in 1967 in Portland and merged with Industrial Timber and Lumber Company in 2015. Nathan brings significant leadership experience to NWH, … As announced on November 6th, the Company entered into the RSA with holders of more than 95% in principal amount of the Company's secured notes and certain of its existing equity holders to execute a transaction that will delever its balance sheet by ~$270 million and position NWH for future growth and success. The log truck is a T800 six axle. We'd love to hear eyewitness On Dec. 16, the debtors — Northwest Hardwoods and its affiliates — will file a supplement to the plan, which will include the members of its new board, new organizational documents, the new shareholders agreement and other information, and will be available at the link above. Page 1 of 1. The remainder of the reorganized equity will be reserved for the Company's existing equity holders. Northwest Hardwoods is the largest United States manufacturer of North American hardwood lumber based on sawmill capacity. All of the company's first day motions were approved by the court today on an interim basis, which enables the company to run operations, supply customers and pay vendors per the normal course of business. Manufacture domestically, source globally, deliver reliably. Please avoid obscene, vulgar, lewd, Click below to hear our LIVE audio feed from our newsroom scanner — includes county-wide police, fire and EMS. Northwest Hardwoods, Inc. (NWH) reports it has entered into a restructuring support agreement (RSA) with holders of more than 95% in principal amount of the company’s secured notes and certain of its existing equity holders to execute a transaction that will reduce the company’s debt by $270 million and position NWH for future growth and success. Lumber producer Northwest Hardwoods Inc. told a Delaware judge Tuesday it plans a speedy trip through Chapter 11 and aims to emerge from … This action will allow the company to meaningfully reduce its overall debt, without any interruption to current operations. Be Truthful. Workers at Northwest Hardwoods' mill in Mount Vernon, Washington, don't have much time left on the job. SFNet brings together the people, data, knowledge, tools, and insights that put capital to work. ... Get local news delivered to your inbox! The company also plans to … (253) 617-1837. NWH is the largest United States manufacturer of North American hardwood lumber based on sawmill capacity, with a current estimated annual hardwood lumber capacity of approximately 320 million board feet. Be Nice. TACOMA, Wash. - Hardwood lumber giant Northwest Hardwoods has filed for Chapter 11 bankruptcy. Keep it Clean. Company profile page for Northwest Hardwoods Inc including stock price, company news, press releases, executives, board members, and contact information Tagged: "Northwest Hardwoods" Home; News; Tag "Northwest Hardwoods" Current News. Today's action is the product of extensive, collaborative, good faith negotiations among NWH and its key stakeholders. On November 23, 2020, Northwest Hardwoods, Inc. and certain of its affiliates ("NWH" or the "Company") took the next step in implementing its restructuring support agreement (the "RSA") by … Don't knowingly lie about anyone . Use the 'Report' link on To view our latest e-Edition click the image on the left. The Company serves more than 2,000 active customers across over 60 countries. Northwest Hardwoods, Inc. has 2,000 total employees across all of its locations and generates $791.16 million in sales (USD). Looking for local businesses and/or local services provided in our area? 8.4K likes. Check out our extended local sports coverage from The Chronicle Sports Department. This is useful in estimating the financial strength and credit risk of the company. Any responses or objections to the reorganization plan or the company’s disclosure statement must be filed by 5 p.m. Dec. 23. Of US $ 270 million and future for northwest Hardwoods filed for Bankruptcy in U.S. Bankruptcy for... Data, knowledge, tools, and all 70 jobs gone hear our audio! 25 % tariffs on U.S. wood and lumber company in 2015 data, knowledge, tools, insights. Be shuttered in November the strong level of support from our newsroom scanner — includes county-wide police, and! 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