Nova Scotia is negotiating with Resolute Forest Products to aquire assets of Bowater Mersey
November 13th, 2012 | Posted in Mill Sales/Transfers | 8 comments »
The Chronicle Herald is reporting today that the province of Nova Scotia is negotiating exclusively with Resolute Forest Products to acquire the assets of Bowater Mersey Paper Co. Ltd.
The deal would see the province acquire the mill site and woodlands of the company, and would result in Resolute covering the deficit in the pension plans of the mill’s former workers. Resolute Forest Products currently owns 220,000 hectares of woodlands in Nova Scotia.
Resolute has indicated that as a condition of any sale, the mill would not be permitted to produce paper because it would compete with Resolute’s other facilities.
The province is investigating other options for the mill, including producing high-tech fossil fuel alternatives that can be made from wood.
Read the article: Province chases Bowater assets (The Chronicle Herald)
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- Bowater Mersey began another 3 week shutdown yesterday
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It’s great to see that this story was let out so the proper people can take the credit for the deal if one is reached!
Dumb and Dumber Dexter…don’t do it. Abisucks will simply take the money and run and there will be absolutely no contribution made to topping up the pension plan by Abisucks nor will there be any leverage to force them to do it. But my gut feeling is that D&D Dexter will be smiling like the imbecile that he is when he willingly bends over and hands over the keys to the provincial tax coffers to Abisucks once again.
Well said Fed-Up ..i also saw nothing threatning in your comments. You will not fight this alone.
First off, I think DD and the Province are trying to do the right thing. They have the capability to place the money in trust for the pension plan shortfall. They don’t have to give it directly to Resolute. So if they can keep the vultures from the CEP away, and deal directly with the members from the plan then this should have a happy ending. The only way Resolute is going to do the right thing by the pensions is if the Gov’t forces them to. And the way the assets are leaving this province, the sooner the better. Hurry up Darryl !
As to Dick Garneau and his inane interview and actions, via the Chronicle Herald, most folks in this community got the biggest laugh since this all started. Hard to believe millionaire and CEO of the year would actually have time to read a blog on the internet or even be interested. I think he was after more then you Fed Up. I also think this was all brought to his attention by Fat Man and Robyn.(You know who I mean) Because they are the ones most interested in who people are on this site. Its an old fashion witch hunt if you ask me. And your not the one they were looking for Fed Up.
I hope your right. The former Luverpool workers deserve to have their pensions topped up with any and all NS ta-payer monies that DD is willing to fork over to the crooks at Abisucks. DD should have learned his lesson by now with respect to the type of people he is dealing with at Resolute and he should have learned not to truyst them. I agree 100% with you. The proper path going forward is to put the money into trust for the employee penison plan up to a 100% fully funded level. Any excess monies can be used to pay any local creditors who are still owed money…I’m sure there are a lot of those. But if the money is first given to Resolute, then I guarnatee you that not one cent will make it into the pension plan. Resolute cannot be trusted…they’ve proven this. And DD shouldn’t be blind to this fact. But in my heart, I believe that DD will be stupid enough to give the money to Resolute first. Hell, if he’s going to be giving the money to Resolute to line their pockets, why not simply use these tax-payer dollars to top up the penison plan directly. And I say this despite the fact that I am not a former employee of Abisucks.
The removal of the post, which in itself is extreme, was by FAR enough action. What transpired afterwards is meant to scare/intimidate others from speaking their mind. It is the moderater of this blog duty to “police” this site, not those that are critised. Bottom line is this industry is shrinking, demand and consupmtion and Garneau and croanies are trying to save their own hides and that of The Quebec locations.
Well Fed-Up my understang is when they pulled the plug on us they were heard laughing while walking from the Woodland building to Mill. Guess that shows what kind of heart they have. Wether they were laughing about the fact they shut us down or not is irrelevent. The fact of the matter is that was no time for jokes.
I believe anyone that worked there saw it coming. It was just a matter of time.