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What's going on there?


'Perfect storm' forces Hayes into bankruptcy

Richard Watts, Times Colonist

Published: Friday, August 01, 2008


Hayes Forest Services Ltd., one of the biggest contract logging companies on Vancouver Island, filed for creditor protection yesterday.


The company said that in a Supreme Court of B.C. hearing, Hayes Forest Services was granted protection under the Companies Creditor Arrangement Act. The Bowra Group was appointed as monitor.


In a press statement, company president Donald P. Hayes, blamed a combination of forces: The consolidation of coastal forest tenures, collapse of the U.S. housing market, weakness in the U.S. dollar and rise in fuel costs.



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Font:****"Hayes, like many players in the forest industry, has been hit by the perfect storm," he said in the statement. "We have come to the conclusion that we must restructure."


The company said it will continue to operate as it restructures, downsizes and pays down debt. It expects to eventually come out with a core timber, equipment and helicopter business.


The Duncan-based company was started in 1922 by Douglas Hayes. He also developed the Hayes truck, a heavy-duty vehicle used largely in logging.


While Hayes Trucks was eventually sold to Mack Truck in 1969, passing to Kenworth which closed it down in 1975, the logging operations continued. At one point, Hayes was the largest single logging company in B.C. and won repeated recognition for sound management.


Rick Jeffery, chief executive officer of the Coast Forest Products Association, was surprised at Hayes' plight. "Hayes is one of the bigger contractors out there."


But Jeffery said the company is facing the same pressures as everybody else in the forest industry. "They are not alone."


He also noted other companies have gone through the same process Hayes has now begun.


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There is still a 61 parked in CYKA, What a shame sad news to here. I grew up in logging and have had to watch the struggles of friends and family make ends meet. I hope this starts to turn around I fear that our industry is just starting to feel the long term effects. :down:



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