US timber company Crown Pacific Partners has filed for bankruptcy protection after suffering from poor market conditions and a US$500m debt burden.
The company took the decision after losing money for 10 consecutive quarters and defaulting on more than US$13m in interest payments.
However, its chief executive officer Peter Stott believes the move will allow the company to get back on track. It will remain open for business during the reorganisation process and there are no plans to lay off workers.
