Resolute seeks $70M over Port Hawkesbury aid
By CNW Telbec
December 31, 2015 - Resolute Forest Products Inc. announced the filing of a Notice of Arbitration under the North American Free Trade Agreement (NAFTA) with regards to measures taken by the former provincial NDP Government in Nova Scotia and the former Conservative Government of Canada in support of the Port Hawkesbury paper mill. Resolute contends those measures discriminated in favour of Port Hawkesbury and resulted, among other damages, in the closing of Resolute's Laurentide mill in October 2014, depriving Resolute of its investment in that mill, and the value of other investments, in violation of the company's rights under NAFTA as a U.S. investor in Canada.
The company is seeking damages for direct losses of approximately $70 million, consequential damages, and additional costs and relief deemed just and appropriate by an arbitral tribunal. Under NAFTA and applicable principles of international law, Canada is responsible for Nova Scotia's acts.
About Resolute Forest Products
Resolute Forest Products is a global leader in the forest products industry with a diverse range of products, including newsprint, specialty papers, tissue, market pulp and wood products. The company owns or operates over 40 pulp, paper, tissue and wood products facilities in the United States, Canada and South Korea, as well as power generation assets in Canada. Marketing its products in close to 80 countries, Resolute has third-party certified 100% of its managed woodlands to internationally recognized sustainable forest management standards. The shares of Resolute Forest Products trade under the stock symbol RFP on both the New York Stock Exchange and the Toronto Stock Exchange. Resolute has received multiple national and international awards for its leadership in corporate social responsibility and sustainable development, as well as for its business practices. Visit www.resolutefp.com for more information.
Source: Resolute Forest Products Inc.