Timberlake Forest Products Inc., a Spokane Valley-based maker of specialized lumber, has closed its doors and has filed for Chapter 11 protection from creditors in U.S. Bankruptcy Court here.


Stephen and Sheryl Kennedy and David Thompson are listed in the filing as the companys owners. Timberlakes answering machine says it has closed and that the owners can be reached through the companys attorney at Winston & Cashatt, Lawyers PS, of Spokane. Nancy Isserlis, who is listed in the bankruptcy documents as Timberlakes attorney at that firm, couldnt be reached for comment.


In the filing, the company lists debts of more than $5.2 million and assets of about $930,000.


Timberlake owes a total of about $2.6 million to Spokane Valley-based F&M Bank in a secured debt, the filing says. The company also owes a total of roughly $2.7 million in unsecured nonpriority debts, the documents say.


One of the largest of those debts is about $301,000 owed to Spokane Forest Products Inc., of Spokane.


In a schedule of contracts and leases, the company listed an unexpired lease in about 40,000 square feet of floor space at 3808 N. Sullivan, in the Spokane Business & Industrial Park.


Timberlake listed gross income of about $10 million in its fiscal year 2006. The company says its biggest assets are accounts receivable worth about $300,000; $250,000 in business machinery; nearly $160,000 in inventory; and a certificate of deposit worth about $190,000.


In August 2004, just prior to Timberlakes launch here, Thompson said the company would make whats called finger-jointed framing lumber. He expected that the company would employ 35 people by early 2005. At the time, Timberlake planned to sell its products to wholesale lumber companies across the western U.S., particularly in the Southwest. He declined to disclose the name of his partner in the venture.


Prior to starting Timberlake, Thompson had worked in Seattle as a residential contractor.


Contact Emily Brandler at (509) 344-1265 or via e-mail at emilyb@spokanejournal.com.