PETERSBURG, W.Va. — In February of this year, Allegheny Wood Products, the 50-year-old West Virginia-based internationally known hardwood producer, closed its doors and eliminated as many as 850 full-time and outside contractors. That, however, was not the end of the story.

In March, United Bank filed a lawsuit concerning a $40 million unpaid loan from 2005, resulting in a court-appointed Receivership to manage AWP’s assets and operations. This led to the decision to sell off assets to restart production in the state.

According to West Virginia News, Allegheny Wood Products (AWP) has commenced the sale of its assets in two sets. One set includes two dry kilns from the Hazelton and Petersburg mills, which are being sold to Goodfellow in Canada for $6.25 million. The other set consists of the sawmills in Kingwood and Riverton, which are being sold to Charles City in Virginia for $9.25 million.

The receiver, Chris Deweese, told WBOY/Channel 12, that the buyers will use the sold assets to restart production in West Virginia and that hiring is already underway. However, auctions will still be held for each set in case any upset bids are submitted before the cutoff point.

Upset bids for the dry kilns will be accepted until July 29 at 9 a.m. The following auction would be held at 4 p.m. the same day. As for the sawmills, bids will be accepted until Aug. 5 at 1 p.m. with the related auction taking place on Aug. 8 at 1 p.m.