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V O L . X X X I N O. V I I I A P R I L 2 1 , 2 0 2 5 20 B A N K I N G / F I N A N C E / I N S U R A N C E F O C U S TimberHP at a glance Founded: 2017 What it does: Manufacturer of high-performance wood-fiber insulation Employees: 54 Current status: Chapter 11 reorganization plan filed March 28 in U.S. Bankruptcy Court for the District of Delaware Next docket date: April 28 creditors' meeting TimberHP timeline 2017: Joshua Henry and Matthew O'Malia form GO-Lab Inc. (later known as TimberHP) with the goal of becoming the first U.S. manufacturer of wood fiber building insulation 2022: Construction begins on Madison facility to turn the shuttered paper mill into a wood fiber insulation plant 2023: Manufacturing begins with production of TimberFill (loose fill and dense pack insulation) 2024: Second production line begins producing TimberBatt (insulation for wall cavities, ceiling joints, rafters, attics and demising walls). Construction of TimberBoard produc- tion line halted by cost overruns and other hurdles 2025: Company files for Chapter 11 bankruptcy protection 2026: Company aiming for $101.9 million in net revenue F I L E P H O T O / C O U R T E S Y O F T I M B E R H P THE MADISON MONEY TRAIL THE MADISON MONEY TRAIL THE MADISON MONEY TRAIL THE MADISON MONEY TRAIL How TimberHP got into financial trouble — and how it aims to get out B y R e n e e C o r d e s