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2009-11-02 at 16:35

Terrace Bay Pulp gets extension

By tbnewswatch.com
ROCK 94Listen to Mark and Dee Weekday mornings for the Classic Rock You Love, The New Rock You Needhttp://www.rock94.com
Terrace Bay Pulp has received another extension for court protection in Ontario under the Companies Creditors Arrangement Act.

The company received a number of extensions as it continues talks with a possible lender in its efforts to restart the idled mill.

Buchanan Forest Products lawyer Yves Fricot said the company now has protection from its creditors until Nov. 20.

Terrace Bay Pulp has been shutdown since February.
TbNewsWatch.com

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The Wolf says:
Funny how through all of the comments no one has said or seems to understand that the only reason this mill and his other mills have not started up is because the banks will not give Ken any money. That is where the problem lies. Ken would love to start fire up everything tomorrow if the banks would just let him.
2009-11-07 at 21:45
backat'er says:
@talltails, you mean you miss the early years with Kimberly Clark when things were great. What about the later years when KC didn't give a crap about this place anymore? Don't you remember they were the ones who spun this mill off to tread water on their own? This mill is where it is today because of KC.

@tbay1 It does suck as to what has happened to the employees of his saw mills. But is the solution really to add more people into that pot? TBPI is a financially sound mill, it has the best chances of being revived. I know it doesn't help those who have been waiting for a long time for the monies owed to them, but if we can get even one mill started it may lead to getting a saw mill or two running again to supply the mill.

@laidoffguy, bushwacked. It's nice to see some positive thinking people still around. Thank you for that! The failed co-gen last year isn't what threw the mill into CCRA, but rather the major credit scare last year. Everyone went from buying in bulk on credit to having to pay upfront for everything as the banks cut all access to money. All else being equal but that the banks would have kept lending out the money, this mill would definitely be running today. I know TBPi will resume production. The bulk of the debts have been paid off, the money needed now is to cover the bit of debt left and startup funds to get running. The gov't has been watching the forestry sector crumble for well over a decade now. Yet as usual, the people of the north mean nothing to them. It's well past the time that they start listening! We are people just like those in Southern Ontario!
2009-11-06 at 9:00 AM
kdpsg says:
Much of the senior management has been let-go from Buchanan and a large portion of the remainder has also voluntarily left – this is fact. These are professionals that see the future of the company is bleak and it was best to move on. I would like to see TBPI start up as would everyone else, but, I also hate to see people bet theirs and their-family's life on a possible start up. The fact is; the input costs are too high, the sell prices are too low, the environment ("green") is becoming a huge factor and everything is working against this, and all other mills in the region. If the "bush" was still such a thriving business than all of the mills in this area would still be open - think about it. For the last 12 years mills in this region have slowly depleted –on –by –one. People do not want to believe it but the future of forestry in NWO will be in a lab in Lakehead University where real progress will be made and value added.

For what it’s worth - my two cents.

Thanks,
2009-11-05 at 20:16
AisA says:
The most important point here is that the mill would be in the process of starting up at this very moment if not for the 'work' of the NDP. Specifically it is Mr. Hampton who is holding back the government assistance to these unemployed persons. Where was he when all of the handouts were being made to Abitibi Bowater? He has the greatest job in the world. Wine, complain, criticise; he has chosen a role in life that will never put him in a position to have to make choices or lead. What a legacy.
2009-11-05 at 14:45
bushwacked says:
I have faith that this mill will restart soon.Pulp prices are good.Ken is a fighter and he won't quit.When all these layoffs started a couple of years ago,we as employees were told Buchanan would be the last to go down.We went down hard!!Pick yourself up Mr.Buchanan and don't forget about the little people.I STILL BELIEVE.
2009-11-05 at 08:55
laidoffmillguy says:
Good, There are still on the right track to get this mill going again. Terrace Bay pulp has a big potential to be a leader in the pulp industry, there co-gen went down in Nov last year while they were trying to get the new one on line....that is what caused it to go into creditor protection. Overall the mill is feasable and I hope the workers get back to work soon!. It's true Mr Buchanan owes many people severence at his idled mills( I am one he owes).....but fact of the matter is there is no money there. I don't want my severance, only my job back, I tried to go back to school but the Gov underfunded the second career program leaving me twisting in the wind. If there is a chance he can get his pulp mill going, I am all for it......work hard Mr Buchanan and get it going, jobs are way more important than severance. Pulp and lumber will rise again, people always need to wipe there ass and build their houses.
2009-11-03 at 20:39
captain says:
well, I am not as smart as hockeday, but I'll give it a go. I did a internet search. Nice article from 2001 concerning bowater comnpany. Profits down, income down, commodity prices down. Here's a quote from the article
"Our poor financial results reflect the worst industry conditions in decades". This was in 2001. so mr. hockeyday, sorry to spoil your informed assessment, but this was long before Dalton and company were in charge, and levels of workers at every mill have been going down for decades. You must have missed the show. in 2001 Gravelle was in opposition and Mauro was on city council. well, we can blame him anyway. someday this nonsense will stop. blame everyone but never the union who should have saw these days coming, who never ensured pensions were fully funded, never ensured job protection clauses, never ensured that all workers were treated equally. that is what unions do. maybe yours didn't. see how easy it is to blame. so, keep blaming dalton. maybe we can blame him for the extinction of the dinasours too. it was probably his fault
2009-11-03 at 15:52
tbay1 says:
Why do we continue to extend creditor protection for terrace bay pulp while Mr. Buchanan owes millions of dollars to his foremer mill staff and woodland employees? People in this region do not realize the hardship that is currently being expererienced by all his former employees. We could use the millions of dollars that he owes us to feed our families and provide the basic necessities. Political battles are never the winning answer...just look who the people are in the next federal election in Thunder Bay; former and current Buchanan employees.
I encourage people to move on and look at the forest tenure process that is currently underway to begin and explore new business oppurtunties.
New businessess were interested in in the northwest; very large forestry firms that were prepared to invest but were told by Mr. Buchanan that they are not welcome in this region. How can this be? Why is accepted by the folks in this region?
2009-11-03 at 15:18
bushwacked says:
The company gets another extension AGAIN.I wish someone would make a decision.I wish I had as much protection from my creditors. E.I. is nearly done.My family will be living in a box for the winter.If the company needs lenders why not let the employees buy 49% of the company.Spruce Falls went that way in the late 80's and made its shareholder's well-off today.
2009-11-03 at 9:00 AM
bushwacked says:
The company gets another extension AGAIN.I wish someone would make a decision.I wish I had as much protection from my creditors. E.I. is nearly done.My family will be living in a box for the winter.
2009-11-03 at 08:57
Drayton Lad says:
What i meant by the "shot" to the NDP was when the action centre open'd i was told Mike Gravelle called to see what he could help with,Bruce had to be "called" by the action centre reps for assistance.He had no interest in anything to do with the forest industry untill forced.The whole north is being spanked for voteing NDP.I understand his resourses are limited,but after all is said and done,the "south" has all the power they need now,seeing as the north is not useing power for industry's up there any longer.
2009-11-03 at 08:33
hockeyday says:
I totally agree with you on the sad state of affairs for forestry communities across northern ontario, but how did that sad truth get directed at the NDP who aren't even in power? The federal conservatives have done very little and the provincial liberals who actually oversee forestry, energy prices,fibre costs and red tape have been at the helm for going on a decade while our industry collapsed and after all that you take a cheap shot at a party that hasn't even been in power? Very confusing that after all this you still don't know who to really point your finger at especially when Gravelle and Mauro are smiling at us in all of their posters and ads highlighting the great job they've done.
2009-11-02 at 20:41
talltails says:
All I can say is I sure miss when the mill was called Kimberly Clark,workers were treated with dignity,morality was high and we never had much to worry about but that was in the day and predictions were made on the demise of these mills and unfortunatly they came true.Maybe the word of today is EVOLUTION
2009-11-02 at 19:38
Drayton Lad says:
From what i hear about the treatment of workers in Terrace Bay and surrounding areas,makes me glad i left town.A letter to the editor in Saturdays paper explains all levels of hoops people are being made to jump through for everyday survival.What a sad state of affairs.The NDP do absolutely nothing for the people that are affected.Pay EI premiums for 30 plus years and recieve bills in the mail instead of cheques!
2009-11-02 at 16:46
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