SAN Group asks for protection
The SAN Group has applied for financial protection after creditors began calling in almost $200 million in loans and unpaid debts.
According to documents filed in BC Supreme Court last Friday, SAN Group owes $107 million to the Royal Bank of Canada, $43 million to the Business Development Bank of Canada, $22 million to the B.C. government for stumpage fees, and $5 million to the Canada Revenue Agency.
They also owe their employees more than $400,000 in vacation pay.
In his affadavit, company co-owner Suki Sanghera pointed to decreased lumber prices that started in 2022 and the summer 2023 closure of Highway 4 as the beginning of SAN Group’s financial problems.