An idled pulp and paper mill on the North Shore has secured another reprieve from its creditors, but three months after the province offered up $25 million in loans, a restart date for Terrace Bay Pulp is still uncertain.
An idled pulp and paper mill on the North Shore has secured another reprieve from its creditors, but three months after the province offered up $25 million in loans, a restart date for Terrace Bay Pulp is still uncertain.
The company that owns the mill returned to court Tuesday looking for an extension on its creditor protection. Documents filed in the Superior Court of Justice list 373 claims against Terrace Bay Pulp, which totals nearly $71-million.
The documents state the company has $10 million in cash on hand. The $25 million provincial loan requires Terrace Bay Pulp to find operating financing from another lender to restart the mill.
A letter of intent with a potential funding provider has been sent. Officials from Terrace Bay Pulp were unavailable for comment Monday.
The company now has protection from its creditors until April 30. The mill has been idled for a year, resulting in the loss of more than 400 jobs in the area.
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