XML FeedsMacTara jobs might be safe
Mar 12, 2008 | In Financial News | Send feedback »
The creditors of the MacTara Ltd. lumber mill in Upper Musquodoboit, Nova Scotia, are owed $23 million.
These creditors have overwhelmingly approved a proposal that will pay them 10 cents for every dollar they lost, for a total of $7 million.
The agreement means ongoing jobs for 55 people in the pellet mill. A German consortium, Enligna AG, a renewable energy company, has offered $6 million to buy it, a sale that needed the creditors' blessing.
55 workers are currently employed at the mill. 95 additional employees were laid off last year.
the fate of $1 million worth of taxpayers' money in the form of a MacTara loan guarantee is still unclear.
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