Meadow Creek Cedar has told the Ministry of Forests it has an accepted an offer to buy the company’s license, which was facing cancellation.
The company had a hearing before the district manager Thursday, but the cancellation has been postponed pending the conclusion of the sale. However, the ministry says it can’t comment on the potential buyer.
The license was suspended two years ago for poor forestry practices and failing to meet reforestation requirements. The company, owned by Surrey’s Dale Kooner, was also fined for various infractions.
A three-month notice of cancellation was issued earlier this year after Meadow Creek Cedar’s management agreement with Blue Ridge Timber of South Slocan fell apart. Blue Ridge intended to rehabilitate the company’s license by meeting a long list of outstanding obligations and eventually buy the quota.
The license is believed to have millions of dollars worth of liabilities associated with it.