Thunder Bay Fine Papers to be sold (November 11, 2008)
November 11, 2008 By Pulp & Paper Canada
Thunder Bay Fine Papers Inc. (TBFP) will be sold following an Oct. 29 Supreme Court hearing in Toronto, Ont. that s…
Thunder Bay Fine Papers Inc. (TBFP) will be sold following an Oct. 29 Supreme Court hearing in Toronto, Ont. that saw the former Cascades Fine Papers Group Inc. mill be placed in receivership. According to a Canadian Press report, TBFP owes CIT Business Credit Canada $14.7 million.
The court appointed possession of the mill to Deloitte & Touche Inc., who are currently looking for a buyer with an interest in purchasing all of the mill’s operating assets. A Deloitte & Touche Inc. press release stated: “We are specifically canvassing for potential purchasers with an interest in all or substantially all of the operating assets of the company, but in the event that no acceptable offer is forthcoming, we will consider offers for individual parcels of assets. Assets for sale include the receiver’s interest in the following: inventory, machinery and equipment, real estate and all other assets associated with the business.” Deloitte & Touche Inc. is accepting offers until Nov. 28.
In early 2008, Thunder Bay Fine Papers Inc. restarted the mill, which had been closed since 2006. With a surplus of inventory and a lack of customers, the mill had to shut down on July 11.
TBFP has 350,000 square feet of paper mill facilities and 10,000 square feet of office building space located on approximately 200 acres of land in Thunder Bay, Ont. The mill’s three production machines are capable of producing 200,000 tonnes of coated paper annually.
Those interested in the mill can contact Ken Pearl of Deloitte & Touche at 416-601-6369 or firstname.lastname@example.org. for more information.
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