Grant Forest Products monitor files final report, seeks to close cases

By Jim Witters

Wilmington, Del., Nov. 7 - Grant Forest Products, Inc.'s court-appointed monitor and authorized foreign representative, Ernst & Young Inc., is seeking to close the Chapter 15 cases, according to documents filed Nov. 6 with the U.S. Bankruptcy Court for the District of Delaware.

The U.S. proceeding was paired with a filing under the Companies' Creditors Arrangement Act in Canada.

Ernst & Young reported that since the May 2010 closings of the sales of the company's U.S. assets, Ernst & Young has been signing and filing tax returns on behalf of the debtors.

Ernst & Young also settled a dispute in March 2012 between Grant Forest Products and the Internal Revenue Service.

"The monitor has since completed administration of the cases. No claims resolution procedure has or will take place in these cases, as the recognition order does not contemplate a claims process in the United States," the report states.

Ernst & Young says the protections afforded under Chapter 15 of the bankruptcy code "are no longer necessary."

A hearing on the motion to close the cases is scheduled for 2 p.m. ET on Dec. 19.

Grant Forest Products is a Toronto-based manufacturer of oriented strand board panels and engineered wood products. The company filed for Chapter 15 bankruptcy protection on March 31, 2010 in the U.S. Bankruptcy Court for the District of Delaware. Its case number is 10-11132.

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