St. Marys sale estimated to be complete by early March

The sale of St. Marys Paper in Sault Ste. Marie could be complete by March 2, if approval for the sale is given this week as anticipated.

In a Jan. 13 report compiled by Ernst & Young, a timeline indicates the deadline for submission of offers of interest is Feb. 10, while court approval for the sale is predicted to take place by March 2.

Ernst & Young, which was appointed the mill's receiver and manager by the Ontario Superior Court of Justice after the mill went into receivership on Dec. 29, is currently fielding offers of interest from buyers looking to continue the operation of the mill, or in inquidating its assets.

The firm is also “approaching parties who may be interested in purchasing all or some of the property,” according to the document.

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.

Ernst & Young has retained key employees to assist with the winterization of the mill, and the firm's staff remain on site to manage its assets.