Forex Owes Creditors Over $136 Million
Forex placed under the protection of the Creditors Arrangement Act on February 7. (Archival photo)
Forex, which owns an oriented OSB panel plant in Amos, owes more than $136 million to its many creditors.
The forestry company has filed for protection of the Creditors Arrangement Act on February 7.
According to the list updated on March 1, Forex and its two subsidiaries, Forex Amos and Wawa OSB, owe more $32 million to unsecured creditors, who may see only a portion of their money back after ongoing proceedings.
Forex Amos owes half that amount, just over $16 million. Among the largest unsecured creditors with operations in the region are forestry companies Resolute, GreenFirst, Matériaux Blanchet, Eacom and Scierie Landrienne, to whom debts total over $12 million.
Forex also owes more than $800,000 to the Syndicat des producteurs de bois de l'Abitibi-Témiscamingue, more than $550,000 to Machinerie 2DB in Saint-Félix-de-Dalquier and more than $420,000 to the Municipality of Berry.
Berry harvests wood on its intra-municipal lots which it resells to the forestry industry, as does the Municipality of Saint-Dominique-du-Rosaire ($91,700) and the MRC Abitibi ($143,900). $).
Forex also owes $104 million to secured creditors, including $23 million to Investissement Quebec.
Employees are as to them preferred creditors to whom the company owes a debt of $1.3 million.
Under a judgment of the Superior Court, all proceedings against trading are suspended until April 28. The company has been engaged since February 7 in a process of selling and soliciting investments.
Forex employs more than 350 people in Quebec and Ontario, including 145 in Amos .