Terrace Bay Pulp For Sale
Terrace Bay Pulp the day of it's Grand Re-opening in 2010. Photo OntarioNewsNorth.com
TERRACE BAY, ON – The Terrace Bay Pulp mill which has been closed for the past two months is now for sale. CBC-News reported yesterday that local managers and the union have been told Terrace Bay Pulp is looking for new ownership, leaving the fate of 350 workers in the balance. The article quoted Jason Nesbitt of the Aquasabon Chamber of Commerce as saying that rumours circulating locally regarding the sale have “Everybody on pins and needles,”. READ the full article from CBC-News
The mill is owned by Buchanan Forest Products, it went into bankruptcy protection and was shut down for 20 months, re-opening Oct. 4, 2010 (see link to that story below). The mill received a $25 million loan from the provincial government and a $40 million loan from a private lender to re-start.
Buchanan had six years to pay those loans during which time it was not allowed to take any profits from the operation (until all of its bills were paid).
Last October the mill was shut down after a tragic explosion which took the life of a 28 year old Schreiber resident . It re-opened briefly and then another shut-down was announced Nov. 23 due to economic conditions.
MORE INFO
- Terrace Bay pulp mill seeks new owner – CBC-News
- Terrace Bay Pulp Tragedy Update – OPP Release Name of Explosion Victim (Nov.4.2011)
- Hundreds Return To Work At Terrace Bay Pulp Mill (Oct.5.2010)
