XML FeedsPRT Forest Regeneration Income Fund announces receipt of insurance cash settlement
Feb 4, 2010 | In Tree Nursery/Greenhouse | Send feedback »
PRT Forest Regeneration Income Fund today announced receipt of $4.6 million in insurance proceeds as cash settlement for damages to greenhouses resulting from an unusually heavy snowfall in December 2008, as previously reported by the Fund.
The greenhouse losses occurred in the lower mainland of BC, with the majority at PRT's Maple Ridge nursery which was permanently closed in 2009. The settlement amount is expected to exceed the underlying book values of the damaged assets, and the resulting gain for accounting purposes, once determined, will be netted with other gains or losses arising from the nursery closure, and reported in the December 31, 2009 consolidated financial statements of the Fund.
Source: PRT Forest Regeneration Income Fund
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