Enron sells Stadacona mill
December 9, 2003 By Pulp & Paper Canada
Stadacona Papers, a Quebec paper mill owned by Enron Corp., was sold for $205 million US to a company owned by Amer…
Stadacona Papers, a Quebec paper mill owned by Enron Corp., was sold for $205 million US to a company owned by American newsprint mogul Peter Brant, chairman and CEO of Brant-Allen Industries Inc.
Stadacona had been put up for auction by the bankrupt energy trader as part of a move to repay creditors. The final decision was made by a bankruptcy court judge in the Southern District of New York.
Stadacona is one of the largest independent newsprint mills in Canada and the fifth-largest newsprint and uncoated groundwood mill in North America. It has an annual capacity of 550,000 tonnes of newsprint, paperboard and directory paper. It employs about 1,150 people.
U.S. energy trading group Enron filed for bankruptcy protection in 2001 after it collapsed amid an accounting scandal. It put its Stadacona assets up for sale in July 2002. Enron bought Stadacona from Japanese group Daishowa in April 2001 for $365 million.
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