Court approval will now see the Meadow Lake pulp mill sold to Indonesia-based Sinar Mas Group.
Court approval will now see the Meadow Lake pulp mill sold to Indonesia-based Sinar Mas Group.
The mill, which has been under bankruptcy protection for over a year, is being sold for $37 million, representing a mere modicum of the capital it cost to construct the facility, the CBC reported.
The plant was half-owned by the province of Saskatchewan, which lost more than $800 million in investments and interest payments it never received. The CBC confirmed the province expects to recover roughly $22 million, and will maintain 20% ownership of the mill. Eventually, the province plans to sell off that interest to Sinar Mas Group.
Millar Western, the company that owned the other half of the facility, has completely divested itself of its stake in the mill.
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