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Terrace Bay Pulp gets creditor reprieve

Creditor protection has been extended for the idled Terrace Bay Pulp mill in northwestern Ontario. On Feb. 23, Ontario Superior Court granted the Buchanan Group protection until April 30, while the company restructures and searches for new financing.
Northern Ontario Business Staff

 
Creditor protection has been extended for the idled Terrace Bay Pulp mill in northwestern Ontario.

On Feb. 23, Ontario Superior Court granted the Buchanan Group protection until April 30, while the company restructures and searches for new financing.

The mill has been shut down for one year affecting 350 jobs. No restart date has been announced.

The Ontario government provided a $25 million conditional loan for the mill in December. The company owes nearly $71 million to more than 370 claimants.