News
St. Mary’s seeks creditor protection

St. Mary’s Paper has filed for bankruptcy protection under the Companies’ Creditors Act, TB News Source reported.

St. Mary’s Paper has filed for bankruptcy protection under the Companies’ Creditors Act, TB News Source reported.

The mill sought the protection for a three-month period, time it plans to use in order to restructure its operations.

According to the TB News Source report, there is a possibility the protection period will be extended, however, the banks have been forthcoming in their desire to see the process wrapped up and finished by the end of January.

None of the 380 people employed by the mill will be laid off as a result of this action.