Approval granted for sale of St. Marys Paper

The Ontario Superior Court of Justice has granted Ernst & Young approval to sell St. Marys Paper Corp. in Sault Ste. Marie.

Ernst & Young was appointed manager and receiver for the mill after it went into receivership Dec. 29 and petitioned the court last week for approval to sell the flailing mill.

Now that approval has been granted, Ernst & Young is seeking expressions of interest to purchase, either from those interested in operating the mill, or those seeking its assets.

Ernst & Young has set a deadline of Feb. 10 to receive expressions of interest, and approval for any sale would be complete by March 2.

Since the mill went into receivership, Ernst & Young has frozen its bank accounts and changed the locks on the facility, in addition to insuring the mill. St. Marys had not been able to retain insurance, which led, in part, to International Forest Products petitioning the court for receivership.

The firm has been actively pursuing interested parties, including placing advertising with various media outlets.