After a yearlong delay, the fate of Papiers Gaspesia has been sealed.
After a yearlong delay, the fate of Papiers Gaspesia has been sealed.
According to an agreement made last month, the mill, including the buildings, equipment and estate, will be transferred to a development company owned by the city of Chandler.
In connection with the arrangement, the previous owners of Papiers Gaspesia will pay creditors and the city a part of the liabilities and expenses.
In 2002, Metso Paper received an order for a rebuild of the mill’s printing and writing line, a project that was expected to be finished mid-2004. Problems with financing saw the project halted early in the year. Now, in connection with the arrangement, Metso Paper has received roughly 4 million as a lump-sum payment, and has no remaining obligations to the project.
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