Buyers on horizon for Cascades Thunder Bay
April 10, 2007 By Pulp & Paper Canada
It might not be such a tough sell, says Andre Nicol, spokesperson for a Thunder Bay group looking to re-open the Ca…
It might not be such a tough sell, says Andre Nicol, spokesperson for a Thunder Bay group looking to re-open the Cascades paper mill.
According to a recent report by the Chronicle Journal, despite an original group of investors deciding to pull out, a new one has taken its place. The Journal reported Nicol as saying he is confident a deal can be struck and that his group will take a positive direction this month. He would not name the potential buyers but said the first group to come up with the money will be the one.
The report further confirmed that the Northern Ontario Heritage Fund Corporation provided a total of $96.250 to facilitate the development of a business plan by the City of Thunder Bay, which was in turn used by Thunder Bay Fine Papers to create partnerships.
The province will be providing a $350 million loan guarantee, a $150 million grant and a $140 million Electricity Assistance Program. An additional $150,000 has been invested by local individuals, and the Chronicle Journal further reported that the city of Thunder Bay has contributed an undisclosed amount.
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