Funds to start idle NS mill approved
A judge in Halifax will allow the receiver in the NewPage paper mill to spend another $2 million to keep the mill ready for a sale.
August 30, 2012 By CBC.ca
The ruling will allow the receiver to buy parts and supplies and hire employees, as it gets ready to re-open, after being in hot idle for a year, according to a CBC.ca article.
The paper mill closed a year ago and is under court protection from creditors. Pacific West has a tentative deal, but the final sale hinges on tax rulings from the federal government that have yet to be made.
Under the arrangement, Pacific West will put up $500,000. Around $1.5 million would come from provincial funds set aside to keep the mill operating.
Click here to read the full article.
Print this page