XML FeedsJust another $35 million?
Feb 5, 2009 | In Mill Sales/Transfers | 19 feedbacks »
Any one have a few extra million laying around?
The Cascades/Thunder Bay Fine Papers/Superior Fine Papers mill in Thunder Bay is eager to reopen (again) and needs more money to make that happen.
The mill's anonymous group of local investors have purchased the mill back from the receiver Deloitte Touche for an undisclosed price.
Dan Sinclair, board member and interim vice-president of Superior Fine Papers (the new owners) emailed the Thunder Bay Chronicle Journal newspaper from Florida to tell them that "after months of hard work . . . the mill has been saved".
The mill was salvaged just as Deloitte Touche was seeking approval to sell the mill to a recycling company that intended to scrap it.
Sinclair said the investors include individuals who were previously silent cash investors in Thunder Bay Fine Papers, as well as contractors who were owed money when Thunder Bay Fine Papers failed to pay its bills. (Local Thunder Bay companies are owed about $4 million.)
The group's intention is to reopen their mill, create jobs, and have a positive effect on the economy of Thunder Bay.
And they only need $35 million now to make that happen.
Thunder Bay Fine Papers purchased the closed paper mill from Cascades, and then reopened using private and public sector investments worth about $45 million, including $16 million in grants and loan guarantees from the province of Ontario.
A glut of inventory and a lack of customers forced the mill to close on July 11.
How another $35 million will get them a market for their product is not known at this time.
Source:
City fine paper mill saved (Chronicle Journal)
19 comments
Comment from: Paper eyes [Visitor]
Another pawn scheme to make a few people rich on behalf of foolish investors. You would have to be crazy to invest 35 million into this dead mill. Who are these local investors? What are there names? The public has the right to know who the new owners are and the names of the pervious owners. The previous owners lined their pockets with grant money and investors money with no intention of running this mill as a successful business for the long term. This mill will never make money. You know it and I know it. Wake up Thunder Bay!
05/02/09 @ 13:57
Comment from: Former Employee [Visitor]
Unfortunately the bitter reality of the current paper market in North America hasn't been understood well by those involved in this project.
Good intentions are admirable but they won't make this mill viable. I'm amazed that the City of Thunder Bay and the Ministry of the Enviroment for Ontario would let farce this proceed longer. Eventually someone is going to get stuck with a huge clean up bill that properly should have gone to Cascades. IE Taxpayers
Good intentions are admirable but they won't make this mill viable. I'm amazed that the City of Thunder Bay and the Ministry of the Enviroment for Ontario would let farce this proceed longer. Eventually someone is going to get stuck with a huge clean up bill that properly should have gone to Cascades. IE Taxpayers
05/02/09 @ 15:15
Comment from: Dirty [Visitor]
Everyone involved in "saving" this mill should have their heads examined. Give it up already, you are so dumb!
05/02/09 @ 17:38
Comment from: concerned [Visitor] 
Ok, so the old mill has a few gasps for life...
I think that if the union backed away and became non existant, the workforce was that of a empowered and accountable group such as the former Thunder Bay Packaging ideal, the "silent ones" who have invested money may in fact be able to make money from some sweat and hard work...
The industry market place in North America will allow another mill to produce, provided that the paper is of the quality needed.
What it dosent need is operators and supervisors sleeping on the job with their hands out expecting to be rewarded for 10 or 20 or 30 yrs of time spent.
Line of progression by seniority should say line of progression by ability to aid in a positive forward thinking workforce.
Then the "silent ones" will beam with pride and profits
Good luck Superior Fine Papers,
I think that if the union backed away and became non existant, the workforce was that of a empowered and accountable group such as the former Thunder Bay Packaging ideal, the "silent ones" who have invested money may in fact be able to make money from some sweat and hard work...
The industry market place in North America will allow another mill to produce, provided that the paper is of the quality needed.
What it dosent need is operators and supervisors sleeping on the job with their hands out expecting to be rewarded for 10 or 20 or 30 yrs of time spent.
Line of progression by seniority should say line of progression by ability to aid in a positive forward thinking workforce.
Then the "silent ones" will beam with pride and profits
Good luck Superior Fine Papers,
06/02/09 @ 09:30
Comment from: visitor [Visitor]
I wish them luck, but I'll "believe it when I see it". Guess they're shooting for a 2012 start-up date?! Starting up is one thing,keeping the place running for longer than a few months is another thing.Don't hold your breath waiting for this one,folks.
06/02/09 @ 09:40
Comment from: RGM [Visitor]
Just the latest in the ongoing scam. What happened to the government support funding of the previous fine papers group? Miss use at its finest, no pun intended. Perhaps "Superior Fine Print" should be the new corp name.
06/02/09 @ 15:27
Comment from: an employee [Visitor]
I cannot believe all the negativity here. What is with you cynics?
This is a really good news story for Thunder Bay. This mill had just got the bugs worked out from the initial 2 year shut when we had to shut down last July.
Number 8 machine could easily be producing quality saleable product within hours of start up, and #5 machine is very close to start up condition as well.
As for the "line their pockets" comment in the first post: Superior Fine Papers can line my pockets with a good wage, -me and a couple hundred others, not to mention all the spin off jobs,(there are plenty) plus creating a steady customer for Abitibi-Bowater kraft which will in turn keep them up and running. The job creation here is exponential.
To all the naysayers I say "shut up already". Its no wonder Thunder Bay has a reputation as being a difficult place to set up a business.
To Superior Fine Papers I say "thank you for your willingness to start up this operation again" and "YES WE CAN".
This is a really good news story for Thunder Bay. This mill had just got the bugs worked out from the initial 2 year shut when we had to shut down last July.
Number 8 machine could easily be producing quality saleable product within hours of start up, and #5 machine is very close to start up condition as well.
As for the "line their pockets" comment in the first post: Superior Fine Papers can line my pockets with a good wage, -me and a couple hundred others, not to mention all the spin off jobs,(there are plenty) plus creating a steady customer for Abitibi-Bowater kraft which will in turn keep them up and running. The job creation here is exponential.
To all the naysayers I say "shut up already". Its no wonder Thunder Bay has a reputation as being a difficult place to set up a business.
To Superior Fine Papers I say "thank you for your willingness to start up this operation again" and "YES WE CAN".
06/02/09 @ 15:58
Comment from: Doubting Thomas [Visitor]
Dear "employee",
I have a quiz for you.
It's a beautiful summer day. You're sitting on the beach in Amity. All of a sudden, everyone starts screaming and running out of the water.
Do you run IN?
I have a quiz for you.
It's a beautiful summer day. You're sitting on the beach in Amity. All of a sudden, everyone starts screaming and running out of the water.
Do you run IN?
06/02/09 @ 17:50
Comment from: an employee [Visitor]
Doubting Thomas:
People have been screaming and running out of the Canadian forestry industry for a number of years now. History has proven that fortunes are made when investors invest at times of maximum pessimism, so yes, I think it is time to go in. The big fish, and the competing fine paper mills are now all gone.
People have been screaming and running out of the Canadian forestry industry for a number of years now. History has proven that fortunes are made when investors invest at times of maximum pessimism, so yes, I think it is time to go in. The big fish, and the competing fine paper mills are now all gone.
06/02/09 @ 20:28
Comment from: visitor [Visitor]
With new unemployment figures announced today (something like 7.2% in Ontario alone),I highly doubt whether they'll be able to keep the mill running full tilt for anymore than a few months at a time.I'm sure,just like the LAST time,the new owners will announce with much fanfare,that they're sure "it's a win-win situation" for everyone,then turn around and ask for yet more hand-outs from the Gov't. Time will tell,if Mr. Sinclair will have to eat his words or not.Good luck,'cause they're certainly going to need it.
06/02/09 @ 23:31
Comment from: observer [Visitor]
Attention, "an employee" your a pinhead.
The scam is in, the fix is in, the new group it the old group. The old group went into recievership to avoid paying all the vendors, or pay as little as possible. Synics, no reality is the word you should lookup it will help to move on. As scam is can be many things, this is one, just stop looking at it from your self serving position.
The scam is in, the fix is in, the new group it the old group. The old group went into recievership to avoid paying all the vendors, or pay as little as possible. Synics, no reality is the word you should lookup it will help to move on. As scam is can be many things, this is one, just stop looking at it from your self serving position.
07/02/09 @ 11:53
Comment from: an employee [Visitor]
Oh wise observer:
I have to say that being called a pinhead by someone who makes at least 8 mistakes in just 5 sentences is just so wrong.
I have to say that being called a pinhead by someone who makes at least 8 mistakes in just 5 sentences is just so wrong.
07/02/09 @ 13:40
Comment from: observer [Visitor]
Pinhead, pothead whatever, rationalize your denial anyway you like, just use your head for more than air space. The employee paradigm fails more often than it helps. Enjoy
08/02/09 @ 12:16
Comment from: concerned [Visitor]
well it appears we have a debate of people here an employee and a bantor both hiding and neither looking from a perspective of status or proactivness
...
Stop throwing stones...
To the employee
1. start up and get away from those days of being happy because the mill is now climbed up to be under the 1 million a month loss...look at realisitc costs not at the "company cooking the books" but as a realization that if you dont pull up your socks and get to work, (not sleeping to golf or baby sit) but actually work along with the other 180 plus to be blessed with this chance you may make good.
But remember there are alot of newer high speed inline coater / calander machines making high quality product at a much higher rate of production than good old #8 and the scratches off that coater oh boy get on it quick... oh and see if you can get the winders to run more than 15 sets of paper in a 12 hour shift.... you may make it good luck!!!
2. To the observer...do just that because the words you type are pretty childish and really for you to call another person a "Pinhead" get with the program and before you speak or display your lack of any type of sense, learn about what you are speaking of or dont say a word.
My best wishes to that group... Thunder Bay needs a shot in the arm... my visit at christmas was shocking to say the least but I would still move there and start up another paper machine any time.
...
Stop throwing stones...
To the employee
1. start up and get away from those days of being happy because the mill is now climbed up to be under the 1 million a month loss...look at realisitc costs not at the "company cooking the books" but as a realization that if you dont pull up your socks and get to work, (not sleeping to golf or baby sit) but actually work along with the other 180 plus to be blessed with this chance you may make good.
But remember there are alot of newer high speed inline coater / calander machines making high quality product at a much higher rate of production than good old #8 and the scratches off that coater oh boy get on it quick... oh and see if you can get the winders to run more than 15 sets of paper in a 12 hour shift.... you may make it good luck!!!
2. To the observer...do just that because the words you type are pretty childish and really for you to call another person a "Pinhead" get with the program and before you speak or display your lack of any type of sense, learn about what you are speaking of or dont say a word.
My best wishes to that group... Thunder Bay needs a shot in the arm... my visit at christmas was shocking to say the least but I would still move there and start up another paper machine any time.
09/02/09 @ 00:12
Comment from: Jay [Visitor]
Everyone in pulp and paper understands that the fundamentals of the North American market are presently very weak. The industry has lost thousands of jobs at mills that have been previously profitable for a century, that have seen incredible improvements in their processes and incredible concessions from the workers.
Simply investing in something that's down isn't how you make money. You need solid fundamentals so your investment will make money. If this mill had solid fundamentals, it would be profitable and self-sustaining, and we wouldn't be seeing them begging for money for the Nth time.
Simply investing in something that's down isn't how you make money. You need solid fundamentals so your investment will make money. If this mill had solid fundamentals, it would be profitable and self-sustaining, and we wouldn't be seeing them begging for money for the Nth time.
10/02/09 @ 15:08
Comment from: Stay Away [Visitor]
To “Concerned”
Obviously you have little or no experience in the trade. Papermakers are still getting a bad wrap form the old days when the work force was over staffed. In today’s world, papermakers work 12 hours without any lunch or coffee breaks. Not leaving the equipment even for a quick cigarette. We are like firefighters and nurses that work unforgiving hours. Fighting the hum and the heat of the machine ready at any moment to save tonnes. We might be under educated to some but others would consider anyone with 25 years experience, at anything, an expert.
As for “Thunder Bay Packaging ideals”. We had an individual work with us in 2004. What a joke. This individual was the most disruptive, hated, backstabbing person ever to set foot in Cascades. If he represents “that”, we don’t want it. He needed his ex-wife(s) to type his reports, he was a puppet to outside expertise, belittled women and called down everyone around him. Hopefully a bad apple in a bushel.
Stick to your own business
Obviously you have little or no experience in the trade. Papermakers are still getting a bad wrap form the old days when the work force was over staffed. In today’s world, papermakers work 12 hours without any lunch or coffee breaks. Not leaving the equipment even for a quick cigarette. We are like firefighters and nurses that work unforgiving hours. Fighting the hum and the heat of the machine ready at any moment to save tonnes. We might be under educated to some but others would consider anyone with 25 years experience, at anything, an expert.
As for “Thunder Bay Packaging ideals”. We had an individual work with us in 2004. What a joke. This individual was the most disruptive, hated, backstabbing person ever to set foot in Cascades. If he represents “that”, we don’t want it. He needed his ex-wife(s) to type his reports, he was a puppet to outside expertise, belittled women and called down everyone around him. Hopefully a bad apple in a bushel.
Stick to your own business
10/02/09 @ 16:07
Comment from: inquisitive [Visitor]
I'd like to know if all the creditors who were owed money by Thunder Bay Fine Papers were offered the same opportunity to become share holders in Superior Fine Papers for the monies owed to them. Was it just a select few, friends etc, and i'd like to know why all owed creditors were not contacted and given the same treatment as the select few who seem to be involved. What a crock of crap. The previous group smelled from day one, and this new group is started to have a foul odour about the before they even get fired up.
This town is to small, and full of big mouths so please treat all equally, because i'm sure there is some legal recourse for shunned creditors.
This town is to small, and full of big mouths so please treat all equally, because i'm sure there is some legal recourse for shunned creditors.
25/03/09 @ 03:17
Comment from: Sunning in Florida [Visitor]
When is Dan and Jay Sinclair going to admit that they can't put the money together. First they had 10 million last fall and it vanished. Then Jay Sinclair said in the local rag he was great at his job and would get the funding prior to the court ruling on who would get the mill,,,scrap dealers or the Sinclairs. Well Dan, Jay and Andrew...where the H is the money. You got the mill based on the statements made in a court of law, and now there is no 35 million. What was the purpose in getting the place if you can't open it up.Enough of the BS. People are tired of it. Might as well sell it for scrap like the other bidders were going to do and get your 1.2 million it owed you, and let all the other creditors suck it up.
25/03/09 @ 03:25
Comments are not allowed from anonymous visitors.
| « Grand Falls-Windsor will produce last paper on Feb 15 | AbitibiBowater achieves 100% forest certification » |
