Arizona Operation Gains Funding
Restoration Forest Products Group, which previously operated as New Life Forest Products and before that as Good Earth Power, reported earlier this year it has received $95 million in additional financing from funds managed by Invesco Senior Secured Management, Inc. The company also appointed Tony Flagor, a seasoned sawmill operator, as CEO.
The operation is a long-running partner in the U.S. Forest Service and the Four Forest Restoration Initiative, dating back to 2014, which is attempting to restore 2.4 million acres of ponderosa pine and mixed conifer forests on portions of the Apache-Sitgreaves, Coconino, Kaibab, and Tonto national forests in northern Arizona, through thinning operations.
Restoration Forest Products and its lineage, which has operated small sawmills in recent years, is attempting to complete construction of a sawmill in Bellemont, Ariz. for processing smaller-diameter timber into high quality lumber while producing biomass residuals.
To implement the financial restructuring plan, the company initiated a consensual prepackaged court-supervised process under Chapter 11 of the U.S. Bankruptcy Code.
Flagor has 25 years of experience in sawmill operations, including plant and production management positions at Boise Cascade, Interfor, Roseburg Forest Products, Swanson Group and Potlatch.
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