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Terrace Bay Pulp mill under creditor protection

Ernst and Young was appointed the receiver for the bankrupt Terrace Bay Pulp in northwestern Ontario. The Buchanan Group mill, which shut down in the fall, is now under creditor protection. The property is up for sale.
Northern Ontario Business Staff

Ernst and Young was appointed the receiver for the bankrupt Terrace Bay Pulp in northwestern Ontario.

The Buchanan Group mill, which shut down in the fall, is now under creditor protection. The property is up for sale.

Two years ago, the province propped up the company with a $25 million loan guarantee. The mill closed in late November soon after a fatal explosion, putting 300 employees out of work.

Buchanan acquired the mill from Neehan Paper in 2006.