Arizona Lumber Firm Billed as Sustainable Goes Bankrupt
- Restoration Forest Products to cut around $300 million in debt
- Invesco slated to own company when it emerges from bankruptcy
Restoration Forest Products produces everything from lumber to wood chips.
Source: Restoration Forest Products
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Restoration Forest Products, a lumber company based in Arizona, filed for bankruptcy on Monday after the pandemic upended construction on a new production facility and a critical governmental contract fell through.
The manufacturer listed liabilities of $367 million and assets of at least $100 million in court documents. The Chapter 11 filing lets Restoration Forest Products keep operating while it seeks approval of its bankruptcy plan.