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Key decisions expected shortly for NewPage Port Hawkesbury sale


September 11, 2012
By Pulp & Paper Canada

A tax ruling that will have an impact on the sale of the NewPage Port Hawkesbury mill is likely within days, says the mill’s restructuring officer, according to a report on CBC.ca. 

A tax ruling that will have an impact on the sale of the NewPage Port Hawkesbury mill is likely within days, says the mill’s restructuring officer, according to a report on CBC.ca. 

“We’re expected to believe it will be coming very shortly, within days,” Peter Wedlake told reporters in Halifax on Sept. 10.

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The mill is also seeking the judge’s sanction for a restructuring plan that was approved by creditors last month. The judge turned down the order on Sept. 10, so a re-drafted order is expected later in the week.

Pacific West Commerical is prepared to pay $33 million for the mill, but the deal requires federal government approval of a complicated tax deal.

“The deal hasn’t closed yet. We’re still waiting for the Canada Revenue Agency advanced tax ruling,” Wedlake said.


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