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Key decisions expected shortly for NewPage Port Hawkesbury sale

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.

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.