Compare how recession-proof Northwest Hardwoods is relative to the industry overall. 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. Any responses or objections to the reorganization plan or the company’s disclosure statement must be filed by 5 p.m. Dec. 23. The company filed for bankruptcy in U.S. Bankruptcy Court for the District of Delaware and filed a prepared plan of reorganization in November. 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… To view our latest e-Edition click the image on the left. ACCEPTING APPLICATIONS NOW FOR OPEN POSITIONS! Company profile page for Northwest Hardwoods Inc including stock price, company news, press releases, executives, board members, and contact information The Company serves more than 2,000 active customers across over 60 countries. Share with Us. 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 " . 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. 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. “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. Workers at Northwest Hardwoods' mill in Mount Vernon, Washington, don't have much time left on the job. 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. (253) 617-1837. This action will allow the company to meaningfully reduce its overall debt, without any interruption to current operations. 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 … 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. Determine whether Northwest Hardwoods grew or shrank during the last recession. 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. 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. Northwest Hardwoods Garibaldi is looking for a full time log truck driver. Communications@nwhardwoods.com Come on in and connect with your future. Today's action is the product of extensive, collaborative, good faith negotiations among NWH and its key stakeholders. 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. Page 1 of 1. Don't knowingly lie about anyone SFNet brings together the people, data, knowledge, tools, and insights that put capital to work. This action will allow the company to meaningfully reduce its overall debt, without any interruption to current operations. 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. Pay is $22.68 per hour plus benefits. The company also plans to … Northwest Hardwoods, Inc. has 2,000 total employees across all of its locations and generates $791.16 million in sales (USD). 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. The job consists of hauling logs from Garibaldi’s yard to the other three Northwest Hardwood mills. 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. 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. 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. We'd love to hear eyewitness Be Truthful. Throughout this process, we will continue to serve our customers and deliver on our mission of delivering the best hardwoods products in the industry. Given the strong level of support from our lenders and creditors, we expect to complete this process over the next 60 days". In Washington, it has a headquarters facility in Tacoma and mills in Centralia and Longview. Its North America operations include 20 facilities that produce over 20 species of domestic hardwoods. 8.4K likes. Northwest Hardwoods is a Tacoma, Washington-based lumber manufacturer backed since 2014 by Littlejohn & Co. and CITIC Capital Partners. racist or sexually-oriented language. The remainder of the reorganized equity will be reserved for the Company's existing equity holders. 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. Don't Threaten. Tagged: "Northwest Hardwoods" Home; News; Tag "Northwest Hardwoods" Current News. Northwest Hardwoods headquartered in Tacoma is the nation's largest supplier of hardwoods. Northwest Hardwoods is located at 3000 Galvin Road, in Centralia. 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 $270 million. Northwest Hardwoods is the largest United States manufacturer of North American hardwood lumber based on sawmill capacity. Headquartered in Tacoma, Washington, Northwest Hardwoods (“NWH” or the “Company”) is the world’s leading manufacturer and distributor of North American hardwood lumber and is recognized as the “Gold Standard” in its industry. The company announced this week it's having to close its mill in Mount Vernon, indefinitely. Notifications from this discussion will be disabled. On November 23, 2020, Northwest Hardwoods, Inc. and certain of its affiliates ("NWH" or the "Company") took the next step in implementing its restructuring support agreement (the "RSA") by filing voluntary petitions for relief under Chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware (the "Bankruptcy Court"). Do you agree with Gov. Northwest Hardwoods had debt of US$ 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. Be Proactive. Garibaldi Fire & Rescue responded to a small fire around 5:58 a.m. Thursday, Jan. 2, at Northwest Hardwoods. 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 … We look forward to a successful process and future for Northwest Hardwoods". Northwest Hardwoods aims to be the market’s first choice based on its emphasis on sustainable forestry, customer communication, respect, and honesty. 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. 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. Please be sure to bookmark our new URL SFNet.com, 370 7th Ave. Ste. ... Get local news delivered to your inbox! This is useful in estimating the financial strength and credit risk of the company. each comment to let us know of abusive posts. Threats of harming another 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. Throughout this process, we will continue to serve our customers and deliver on our mission of delivering the best hardwoods products in the industry. Looking for local businesses and/or local services provided in our area? Class, CITY CLERK/TREASURER EMPLOYMENT OPPORTUNITY. Click below to hear our LIVE audio feed from our newsroom scanner — includes county-wide police, fire and EMS. person will not be tolerated. We are the largest manufacturer and global supplier of hardwood lumber. The fire began in the air compressor room and extended out into 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. DRIVERS Scot Industries is hiring a full time driver. Northwest Hardwoods, Inc. is located in Tacoma, WA, United States and is part of the Lumber & Plywood Product Manufacturing Industry. Northwest Hardwoods, Tacoma, Washington. 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. Nathan brings significant leadership experience to NWH, … Northwest Hardwoods – Headquarters 1313 Broadway, Suite 300 Tacoma, WA 98402 253-568-6800. This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities. Northwest Hardwoods, Inc. and certain of its affiliates ("NWH" or the "Company") announced today that the Company has entered into a restructuring support … Must have CDL and medical card. . 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. TACOMA, Wash., Nov. 24, 2020 /PRNewswire/ -- On November 23, 2020, Northwest Hardwoods, Inc. and certain of its affiliates ("NWH" or the "Company") took … No racism, sexism or any sort of -ism 1801 New York, NY, 10001 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"). "On November 23, Northwest Hardwoods and certain of … Be Nice. Please avoid obscene, vulgar, lewd, 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. 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). TACOMA, Wash. - Hardwood lumber giant Northwest Hardwoods has filed for Chapter 11 bankruptcy. Lumber producer Northwest Hardwoods Inc. told a Delaware judge Tuesday it plans a speedy trip through Chapter 11 and aims to emerge from … 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 […] . Northwest Hardwoods is the largest Northern American hardwood supplier and has 28 locations, according to the company’s statement. or anything. 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 … 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. 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 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. 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. For All Sales Inquires: 800-553-5345 Use the 'Report' link on accounts, the history behind an article. Northwest Hardwoods was founded in 1967 in Portland and merged with Industrial Timber and Lumber Company in 2015. Check out our extended local sports coverage from The Chronicle Sports Department. 11/25/2020 Backed by Littlejohn and CITIC Capital Partners, Northwest Hardwoods Filed for Bankruptcy. PLEASE TURN OFF YOUR CAPS LOCK. Get an email notification whenever someone contributes to the discussion. “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 has announced that Jason Gobel, currently product marketing director, East Business Unit, has been appointed to the position of … We look forward to a successful process and future for Northwest Hardwoods,” the statement from the ad hoc group reads.Â. Get News Stories Delivered to Your Inbox. Northwest Hardwoods has a sawmill location at 3000 Galvin Road in Centralia. Longview, Centralia and Eugene. 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. Inslee's order on face masks? Manufacture domestically, source globally, deliver reliably. Check out our directory. As the premier provider in the industry, Northwest offers the highest quality and most innovative products, best service, and most efficient logistics. that is degrading to another person. The log truck is a T800 six axle. The secured noteholders are represented by Willkie Farr & Gallagher LLP as legal counsel and Guggenheim Securities, LLC as financial advisor. Anne Shaffer Northwest Hardwoods’ Hopwood plant has cut production and employee hours since China imposed 25% tariffs on U.S. wood and lumber exports. 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. Your Email: Join Today. 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