In addition to the $25 million, Terrace Bay receives an extension to its creditor protection

Nov 21, 2009 | In Financial News | 1 feedback »

Terrace Bay Pulp received more good news this week, in addition to the $25 million loan from the province of Ontario, they also received an extension of 90 days for their court-ordered protection from creditors.

The company now feels they have what they need to put the final touches on their plan to get the mill restarted, pay off their creditors, and put 350 employees back to work.

The company now must give the Ontario Superior Court an update by February 26th.

The plant, which has a daily ouput of 1,100 tonnes, was idled eight months ago after pulp prices crashed.

Pulp prices have since rebounded to a healthy level of about US$800 per tonne. The company believes it would be profitable if it were operating at the moment.

Source:
More good news for Terrace Bay Pulp mill (Chronicle Journal)

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Comment from: wondering [Member]
It's great that the "team of crooks" got their money this time around. When the price of pulp falls again within 2 years, this "company" will be back expecting more government money. It will never end as long as Bucky has this mill.
21/11/09 @ 09:06

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