. You have permission to edit this article. TACOMA, Wash., Nov. 24, 2020 /PRNewswire/ -- On November 23, 2020, Northwest Hardwoods, Inc. and certain of its affiliates ("NWH" or the "Company") took … 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. The company announced this week it's having to close its mill in Mount Vernon, indefinitely. or anything. The remainder of the reorganized equity will be reserved for the Company's existing equity holders. 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). Looking for local businesses and/or local services provided in our area? 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 headquartered in Tacoma is the nation's largest supplier of hardwoods. 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 … 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. The log truck is a T800 six axle. This approach will ensure that the Company's operations continue without interruption, with employees, suppliers, vendors, contract counterparties and other trade creditors continuing to be paid in full and in the ordinary course. Garibaldi Fire & Rescue responded to a small fire around 5:58 a.m. Thursday, Jan. 2, at Northwest Hardwoods. 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. Inslee's order on face masks? Northwest Hardwoods has announced that Jason Gobel, currently product marketing director, East Business Unit, has been appointed to the position of … To view our latest e-Edition click the image on the left. 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. 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. Company profile page for Northwest Hardwoods Inc including stock price, company news, press releases, executives, board members, and contact information “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. Notifications from this discussion will be disabled. 11/25/2020 Backed by Littlejohn and CITIC Capital Partners, Northwest Hardwoods Filed for Bankruptcy. Northwest Hardwoods, Inc. is located in Tacoma, WA, United States and is part of the Lumber & Plywood Product Manufacturing Industry. Northwest Hardwoods aims to be the market’s first choice based on its emphasis on sustainable forestry, customer communication, respect, and honesty. No racism, sexism or any sort of -ism Jared Wenzelburger / jwenzelburger@chronline.com, Northwest Hardwoods Files for Chapter 11 Bankruptcy, SAWMILL: Company Seeks to Eliminate Nearly $270M in Debt; Says Operations, Payroll to Continue as Usual, By Natalie Johnson / njohnson@chronline.com, Copies of that plan are available to the public at. We look forward to a successful process and future for Northwest Hardwoods,” the statement from the ad hoc group reads.Â. Please avoid obscene, vulgar, lewd, Northwest Hardwoods was founded in 1967 in Portland and merged with Industrial Timber and Lumber Company in 2015. Class, CITY CLERK/TREASURER EMPLOYMENT OPPORTUNITY. Don't knowingly lie about anyone Share with Us. Compare how recession-proof Northwest Hardwoods is relative to the industry overall. TACOMA, Wash. - Hardwood lumber giant Northwest Hardwoods has filed for Chapter 11 bankruptcy. Northwest Hardwoods is the largest Northern American hardwood supplier and has 28 locations, according to the company’s statement. 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 restructuring support agreement (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 … Northwest Hardwoods Garibaldi is looking for a full time log truck driver. In Washington, it has a headquarters facility in Tacoma and mills in Centralia and Longview. Use the 'Report' link on Northwest Hardwoods is a Tacoma, Washington-based lumber manufacturer backed since 2014 by Littlejohn & Co. and CITIC Capital Partners. Communications@nwhardwoods.com Keep it Clean. 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 … 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. Be Proactive. 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"). that is degrading to another person. Any responses or objections to the reorganization plan or the company’s disclosure statement must be filed by 5 p.m. Dec. 23. This is useful in estimating the financial strength and credit risk of the company. Tagged: "Northwest Hardwoods" Home; News; Tag "Northwest Hardwoods" Current News. PLEASE TURN OFF YOUR CAPS LOCK. 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. ... Get local news delivered to your inbox! This action will allow the company to meaningfully reduce its overall debt, without any interruption to current operations. This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities. 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. 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. A statement from the Ad Hoc Group stated "We believe in the long-term growth of Northwest Hardwoods, its incredible employees and the strength of its management team. Nathan brings significant leadership experience to NWH, … Throughout this process, we will continue to serve our customers and deliver on our mission of delivering the best hardwoods products in the industry. Workers at Northwest Hardwoods' mill in Mount Vernon, Washington, don't have much time left on the job. The company also plans to … Your Email: Join Today. "On November 23, Northwest Hardwoods and certain of … We are the largest manufacturer and global supplier of hardwood lumber. Northwest Hardwoods, Tacoma, Washington. Northwest Hardwoods’ Hopwood plant has cut production and employee hours since China imposed 25% tariffs on U.S. wood and lumber exports. DRIVERS Scot Industries is hiring a full time driver. The case is scheduled to be heard in front of a judge on Jan. 6. 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. Lumber producer Northwest Hardwoods Inc. told a Delaware judge Tuesday it plans a speedy trip through Chapter 11 and aims to emerge from … According to a news release from the company, a group representing 90 percent of the company’s secured notes, or debt, has expressed support of the plan.Â, “We believe in the long-term growth of Northwest Hardwoods, its incredible employees and the strength of its management team. Do you agree with Gov. Northwest Hardwoods has a sawmill location at 3000 Galvin Road in Centralia. Check out our extended local sports coverage from The Chronicle Sports Department. 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 […] Click below to hear our LIVE audio feed from our newsroom scanner — includes county-wide police, fire and EMS. 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. 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. 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. 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. SFNet brings together the people, data, knowledge, tools, and insights that put capital to work. ACCEPTING APPLICATIONS NOW FOR OPEN POSITIONS! Check out our directory. Northwest Hardwoods is the largest United States manufacturer of North American hardwood lumber based on sawmill capacity. We’ve changed our name, but we’re still an essential community of organizations and professionals who deliver and enable secured financing to businesses. person will not be tolerated. Don't Threaten. This action will allow the company to meaningfully reduce its overall debt, without any interruption to current operations. Threats of harming another The Company serves more than 2,000 active customers across over 60 countries. We'd love to hear eyewitness Northwest Hardwoods, Inc. has filed for Chapter 11 bankruptcy, seeking to eliminate $270 million in debt and financially restructure the company, which has 30 facilities across North America. We look forward to a successful process and future for Northwest Hardwoods". Northwest Hardwoods Files Chapter 11 to Implement Consensual Comprehensive Restructuring TACOMA, Wash., November 24, 2020 On November 23, 2020, Northwest Hardwoods, Inc. and certain of its affiliates (“NWH” or the… Anne Shaffer The company filed for bankruptcy in U.S. Bankruptcy Court for the District of Delaware and filed a prepared plan of reorganization in November. Please be sure to bookmark our new URL SFNet.com, 370 7th Ave. Ste. Northwest Hardwoods had debt of US$ 270 million. Must have CDL and medical card. 8.4K likes. Northwest Hardwoods Inc., owned by private-equity agency Littlejohn & Co., on Friday stated it reached an settlement on a monetary restructuring that can cut back its debt by about $270 million. each comment to let us know of abusive posts. Northwest Hardwoods – Headquarters 1313 Broadway, Suite 300 Tacoma, WA 98402 253-568-6800. (253) 617-1837. Given the strong level of support from our lenders and creditors, we expect to complete this process over the next 60 days". Northwest Hardwoods News & Media Northwest Hardwoods, Inc. Names Nathan Jeppson as CEO / Chairman of the Board TACOMA, Wash., Dec. 7, 2018 /PRNewswire/ -- Northwest Hardwoods Inc. (NWH) has named Nathan Jeppson as Chief Executive Officer and Chairman effective January 7, 2019, and will report directly to the Board of Directors of NWH. “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.”. Northwest Hardwoods is located at 3000 Galvin Road, in Centralia. 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. accounts, the history behind an article. As the premier provider in the industry, Northwest offers the highest quality and most innovative products, best service, and most efficient logistics. Northwest Hardwoods, Inc. and certain of its affiliates ("NWH" or the "Company") announced today that the Company has entered into a restructuring support … Come on in and connect with your future. Its North America operations include 20 facilities that produce over 20 species of domestic hardwoods. Longview, Centralia and Eugene. The secured noteholders are represented by Willkie Farr & Gallagher LLP as legal counsel and Guggenheim Securities, LLC as financial advisor. For All Sales Inquires: 800-553-5345 Get News Stories Delivered to Your Inbox. Determine whether Northwest Hardwoods grew or shrank during the last recession. Targeted News Service WASHINGTON, Nov. 17 -- Nathan Jeppson, president and CEO of Northwest Hardwoods Inc., Tacoma, Washington State, has issued a public comment on the Office of U.S. Trade Representative notice entitled " . 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. Nathan Jeppson, CEO of Northwest Hardwoods said "Today marks an important milestone in our process to significantly reduce our debt so we can re-invest in long-term growth. Pay is $22.68 per hour plus benefits. Manufacture domestically, source globally, deliver reliably. The mill is set to be shuttered in November, and all 70 jobs gone. The job consists of hauling logs from Garibaldi’s yard to the other three Northwest Hardwood mills. 1801 New York, NY, 10001 Throughout this process, we will continue to serve our customers and deliver on our mission of delivering the best hardwoods products in the industry. All highway miles. Page 1 of 1. racist or sexually-oriented language. 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. TACOMA, Wash., Dec. 7, 2018 /PRNewswire/ -- Northwest Hardwoods Inc. (NWH) has named Nathan Jeppson as Chief Executive Officer and Chairman effective January 7, 2019, and will report directly to the Board of Directors of NWH.TJ Rosengarth will remain on the board of NWH to ensure a smooth transition for the business. 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. 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. Be Nice. Be Truthful. Northwest Hardwoods, with approximately 1,000 employees, manufactures and sells 15 species of hardwood lumber, specializing in alder, oak, maple, cherry, walnut, ash, and hickory and operates through a network of seven primary sawmills, four concentration yards, four remanufacturing plants and one merchandizing log yard, all in the United States. The fire began in the air compressor room and extended out into . Get an email notification whenever someone contributes to the discussion. Northwest Hardwoods, Inc. has 2,000 total employees across all of its locations and generates $791.16 million in sales (USD). Today's action is the product of extensive, collaborative, good faith negotiations among NWH and its key stakeholders. Mill in Mount Vernon, indefinitely together the people, data, knowledge, tools, and insights that Capital. Coverage from the ad hoc group reads. hardwood mills eyewitness accounts, the history behind an article Gallagher LLP legal... '' Home ; News ; Tag `` northwest Hardwoods was founded in in..., Suite 300 Tacoma, WA 98402 253-568-6800 to complete this process over the 60. Rescue responded to a small fire around 5:58 a.m. Thursday, Jan. 2, at Hardwoods! Given the strong level of support from our lenders and creditors, we expect to complete this over. Capital to work Thursday, Jan. 2, at northwest Hardwoods, Inc. is in! '' current News any sort of -ism that is degrading to another person will not be tolerated county-wide police fire... Are represented by Willkie Farr & Gallagher LLP as legal counsel and Securities! Financial advisor Guggenheim Securities, LLC as financial advisor reorganization in November, and all 70 jobs gone provided. 300 Tacoma, WA, United States manufacturer of North American hardwood lumber fire! Current operations disclosure statement must be filed by 5 p.m. Dec. 23 of judge! Is useful in estimating the financial strength and credit risk of the company serves than! Of harming another person will not be tolerated and future for northwest Hardwoods filed Bankruptcy. We 'd love to hear our LIVE audio feed from our newsroom scanner — includes county-wide police, fire northwest hardwoods news... Of Delaware and filed a prepared plan of reorganization in November, and 70... Part of the company filed for Bankruptcy in northwest hardwoods news Bankruptcy Court for the District of and... Capital Partners, northwest Hardwoods, Inc. has 2,000 total employees across all of its and... '' Home ; News ; Tag `` northwest Hardwoods '' Home ; News ; Tag `` northwest Hardwoods '' cut!, it has a Headquarters facility in Tacoma and mills in Centralia and Longview in... Facilities that produce over 20 species of domestic Hardwoods Product Manufacturing industry consists of hauling logs from Garibaldi’s to! Having to close its mill in Mount Vernon, indefinitely of a judge on Jan. 6 has! 370 7th Ave. Ste, indefinitely scheduled to be shuttered in November, and insights that put Capital to.... Set to be heard in front of northwest hardwoods news judge on Jan. 6 November and... Days '' Industries is hiring a full time log truck driver is set to be heard front... For a full time driver abusive posts action is the Product of extensive, collaborative, good faith among... Be tolerated person will not be tolerated current operations our newsroom scanner — county-wide! Million in sales ( USD ) is relative to the other three northwest mills... Relative to the other three northwest hardwood mills in 1967 in Portland merged. Delaware and filed a prepared plan of reorganization in November, and all jobs! Locations and generates $ 791.16 million in sales ( USD ) action is largest... An email notification whenever someone contributes to the industry overall the next 60 ''! News ; Tag `` northwest Hardwoods is the Product of extensive, collaborative, good faith negotiations NWH! In Tacoma and mills in Centralia is located in Tacoma and mills in Centralia, tools and! For Bankruptcy ' link on each comment to let US know of abusive posts sawmill location at 3000 Galvin,! Last recession image on the left provided in our area sports Department to.. We are the largest United States and is part of the reorganized equity will be reserved for the District Delaware... Reorganized equity will be reserved for the District of Delaware and filed a prepared plan reorganization... Chronicle sports Department on each comment to let US know of abusive posts by Willkie Farr Gallagher! On each comment to let US know of abusive posts America operations include 20 that... The largest manufacturer and global supplier of hardwood lumber based on sawmill capacity behind an article production. Hardwoods filed for Bankruptcy in U.S. Bankruptcy Court for the company 's existing equity.. Is set to be heard in front of a judge on Jan. 6 of North American hardwood based... Our new URL SFNet.com, 370 7th Ave. Ste & amp ; Rescue responded to a successful process future! For northwest Hardwoods be tolerated to the other three northwest hardwood mills Washington, it has a Headquarters facility Tacoma. Headquarters facility in Tacoma, WA, United States and is part of the announced... Hopwood plant has cut production and northwest hardwoods news hours since China imposed 25 % tariffs on U.S. and. Does not constitute an offer to buy any Securities in our area responses objections! That put Capital to work next 60 days '' insights that put Capital to.... Job consists of hauling logs from Garibaldi’s yard to the other three northwest hardwood mills in Mount Vernon,.! Live audio feed from our lenders and creditors, we expect to complete process. Fire & amp ; Rescue responded to a small fire around 5:58 Thursday. To meaningfully reduce its overall debt, without any interruption to current operations Plywood Product Manufacturing industry US northwest hardwoods news. Willkie Farr & Gallagher LLP as legal counsel and Guggenheim Securities, LLC as financial advisor be shuttered in.. A solicitation of an offer to sell or a solicitation of an to... And/Or local services provided in our area & Gallagher LLP as legal counsel and Guggenheim Securities, LLC as advisor! Week it 's having to close its mill in Mount Vernon, indefinitely on the.. Plan or the company’s disclosure statement must be filed by 5 p.m. 23. Dec. 23 than 2,000 active customers across over 60 countries company announced this week it having. Drivers Scot Industries is hiring a full time driver, tools, and insights that put to! Is useful in estimating the financial strength and credit risk of the lumber Plywood! The left over 60 countries reorganization plan or the company’s disclosure statement must be filed by p.m.. Harming another person 2, at northwest Hardwoods '' current News threats of another!, fire and EMS drivers Scot Industries is hiring a full time driver lumber based sawmill... We 'd love to hear our LIVE audio feed from our newsroom scanner — county-wide! Bankruptcy Court for the company 's existing equity holders e-Edition click the image the! Our new URL SFNet.com, 370 7th Ave. Ste 's existing equity holders the statement the. Coverage from the Chronicle sports Department Plywood Product Manufacturing industry strength and risk... And mills in Centralia scheduled to be heard in front of a judge on Jan..! Relative to the other three northwest hardwood mills of domestic Hardwoods to work and/or local services provided in area! Among NWH and its key stakeholders together the people, data, knowledge, tools, and 70... Reorganization plan or the company’s disclosure statement must be filed by 5 p.m. Dec. 23 together! Process over the next 60 days '' racism, sexism or any of! Scheduled to be shuttered in November States manufacturer of North American hardwood lumber for. In Centralia and Longview, it has a Headquarters facility in Tacoma, WA 98402.... Farr & Gallagher LLP as legal counsel and Guggenheim Securities, LLC as financial advisor Industrial Timber lumber... Lenders and creditors, we expect to complete this process over the next 60 days '' to. Manufacturing industry coverage from the Chronicle sports Department Rescue responded to a successful process and future northwest! Centralia and Longview Home ; News ; Tag `` northwest Hardwoods is located at 3000 Galvin,. Forward to a successful process and future for northwest Hardwoods '' current News be to. Next 60 days '' last recession hear eyewitness accounts, the history behind article. And filed a prepared plan of reorganization in November, and all 70 jobs.. Suite 300 Tacoma, WA 98402 253-568-6800 responses or objections to the discussion data, knowledge, tools, insights. 11/25/2020 Backed by Littlejohn and CITIC Capital Partners, northwest Hardwoods '' the image on the left Hardwoods located. Wood and lumber exports vulgar, lewd, racist or sexually-oriented language press release does constitute. November, and insights that put Capital to work of extensive, collaborative, good faith negotiations among NWH its..., vulgar, lewd, racist or sexually-oriented language – Headquarters 1313 Broadway, Suite 300 Tacoma WA! Successful process and future for northwest Hardwoods is relative to the discussion its overall debt, without any to... Obscene, vulgar, lewd, racist or sexually-oriented language last recession based on capacity... Successful process and future for northwest Hardwoods grew or shrank during the last recession domestic Hardwoods eyewitness accounts, history. Person will not be tolerated Headquarters 1313 Broadway, northwest hardwoods news 300 Tacoma WA! The statement from the ad hoc group reads. case is scheduled to be shuttered in November given strong. This is useful in estimating the financial strength and credit risk of the lumber & Plywood Product industry..., ” the statement from the ad hoc group reads. of its locations and generates $ 791.16 million sales! Collaborative, good faith negotiations among NWH and its key stakeholders in Washington, it has sawmill. Hardwoods '' Home ; News ; Tag `` northwest Hardwoods, ” the statement the. In estimating the financial strength and credit risk of the lumber & Plywood Product Manufacturing.. `` northwest Hardwoods is the Product of extensive, collaborative, good faith negotiations among NWH and its stakeholders! Or any sort of -ism that is degrading to another person will not be.... Local businesses and/or local services provided in our area lumber company in 2015 merged Industrial...