Who does Terrace Bay Pulp owe?
February 1st, 2012 | Posted in Financial News | 2 comments ยป
The document listing Terrace Bay Pulp‘s creditors is 8 pages long and totals $41,456,859.90 Canadian, and another $1,531,404.42 is owed in U.S. Funds.
The biggest creditor is the Ontario Government at $24,166,666.00
Many of the companies owed are in Terrace Bay and Thunder Bay, Ontario, ranging from chemical companies, to fuel supplies, trucking and transportation companies, office equipment providers, couriers, engineering firms, mechanical equipment, rental, and service providers, logging companies, and local food and accommodation providers.
View the full list [.pdf]
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Since 2006 when Ken Buchanan was given the TERRACE BAY Mill from Neenah Paper Inc. and named it “TERRACE BAY PULP”, Buchanan’s Accounting Group has controlled all the money that Terrace Bay Pulp owes on a “day-to-day” basis. It would be nice if the media could report that it is KEN BUCHANAN who owns “Lucky Star Holdings” and it is “HIM” who owes the money. Unfortunately, being called
“Terrace Bay Pulp” leads people to believe that the management team here is responsible for the debts when, in truth, it is the owner himself…KEN BUCHANAN….who is responsible….and it is he who should assume that responsibility once and for all……SHAME ON YOU ….RUSSELL YORK….you have been labelled “the Brains of the Operation”…that is not what I would call you.
Hopefully a new owner can be found for the Mill. As for the remaining management staff at Buchanan maybe a trip to the unemployment office would do you some good too. Lost severances and pensions, Buchanan shell companies being number one creditors of the mills this is such a fiasco. I only hope that the tax payers of Northwestern, Ontario don’t end up paying anymore for Bucky debaucles than they already are.