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Creditor approval brings Terrace Bay Pulp closer to restart (August 01, 2010)


August 1, 2010
By Pulp & Paper Canada

THUNDER BAY, ON — The approval of Terrace Bay Pulp’s repayment plan moves the idled Ontario pulp mill one step closer to resuming production this summer. According to the Chronicle Journal newspaper,…

THUNDER BAY, ON — The approval of Terrace Bay Pulp’s repayment plan moves the idled Ontario pulp mill one step closer to resuming production this summer. According to the Chronicle Journal newspaper, 165 of 168 voted in favour of the plan, which represents $35 million in claims.

The paper also reports that the company has reached a separate agreement with about two dozen logging contractors who are collectively owed about $9 million for logs and wood chips delivered before the mill was idled in February 2009.

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The mill, located in Terrace Bay on the north shore of Lake Superior, has been under creditor protection since March 2009. A sanction hearing set for July 27 in Ontario’s Superior Court is expected to set the stage for recalling mill workers and restarting the mill.


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