Meadow Lake pulp mill is set to receive $15 million from the provincial government.
Meadow Lake pulp mill is set to receive $15 million from the provincial government.
The facility, currently sitting on shaky ground, has suffered several blows as of late. Although the past few years bore witness to a government cash infusion of $800 million through various loans, after a series of write-downs, that investment was valued at zero last year.
According to a CBC report, Investment Saskatchewan, a Crown corporation that currently holds a 50% stake in the facility, will be providing the money. The loan is part of a court-supervised restructuring process.
The CBC further reported that government officials contend that Millar Western, the private sector partner in the deal, is looking to disentangle itself from the restructuring process and has offered to sell its share of the mill for a minimal price.
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