Arizona Lumber Firm Billed as Sustainable Goes Bankrupt (1)

Restoration Forest Products, a lumber company based in Arizona, filed for bankruptcy on Monday after the pandemic upended construction on a new production facility and a critical governmental contract fell through.

The manufacturer listed liabilities of $367 million and assets of at least $100 million in court documents. The Chapter 11 filing lets Restoration Forest Products keep operating while it seeks approval of its bankruptcy plan.

The company, which produces everything from lumber to wood chips, has already struck a deal with stakeholders in which it intends to slash more than $300 million in debt. As part of the ...