The Terrace Bay pulp mill owned by Buchanan Group is facing an uncertain future once again. The mill is under creditor protection and the court-appointed monitor is seeking a buyer for the NBSK pulp mill in northern Ontario.
The Terrace Bay pulp mill owned by Buchanan Group is facing an uncertain future once again. The mill is under creditor protection and the court-appointed monitor is seeking a buyer for the NBSK pulp mill in northern Ontario.
The mill ceased production in November 2011, following an explosion that killed one worker and injured two. It had been scheduled to re-start at the end of February, but now will remain idle while a buyer is sought.
Court documents show that Terrace Bay Pulp owes about $42 million to creditors. The creditors include the Ontario government, which agreed to loan the company $25 million in 2010 to restart following an earlier shutdown.
About 350 people were laid off by the mill in November.
Print this page
