Western Forest Products is putting up more of its properties up for sale to pay down their debt.

Western Forest Products posted a $17 million loss for the first quarter of 2008.

Property up for sale will include the site of its former pulp mill at Squamish, B.C. and 26,000 hectares of forestlands (mostly on Vancouver Island). Western Forest Products estimates it has from $100 million to $130 million of non-core assets up for sale.

Western Forest Products has provisionally sold 2,500 hectares of land on southwest Vancouver Island to a real estate developer. The potential development of those lands has generated local opposition prompting regional authorities to pass a new zoning bylaw that restricts lot size to 120 hectares (although the president of Western Forest Products, Reynold Hert, said the company has successfully had the lands grandfathered into older zoning bylaws.)

Read more:
WFP to sell off 26,000 hectares -Investment bankers have been engaged to find a buyer (Times Colonist)