In September 2023, Skeena Sawmills Ltd., Skeena Bioenergy Ltd., and ROC Holdings Ltd. were placed under receivership. The companies operated a large integrated forestry operation in Terrace, BC, including a sawmill, a wood pellet bioenergy plant, and forest tenures. Despite significant investment and regional importance, the businesses faced sustained financial challenges and ultimately ceased operations in 2023.
Alvarez & Marsal Canada Inc. was appointed by the Supreme Court of British Columbia as Receiver and initiated a court-approved sale and investment solicitation process to find a buyer for Skeena’s assets.
Fasken acted for Alvarez & Marsal in its role as Receiver, advising on all legal aspects of the receivership and sale. The transaction was notable not only due to the nature and value of the assets, but also for the complexity of the creditor landscape. In addition to standard trade claims, the matter involved pension trust claims and lien claims under the Forest Service Providers Protection Act, a relatively new statute with limited case law. The diversity and nature of these claims made the legal issues unusually intricate, even for a receivership of this kind.
Fasken helped navigate these challenges and structure a commercially effective sale process, with a team that included Kibben Jackson, Fergus McDonnell, Glen Nesbitt, and Mishaal Gill. The transaction closed in June 2025, and Alvarez & Marsal was formally discharged as Receiver.
Jurisdiction
- Canada
