Each issue of PaperMoney is approximately 500 fact filled pages.
Logout
Click here for Pulp & Paper Radio International
The Paperitalo Library
Free Downloads
Search
My Profile
Login
Management Side
St. Mary's Paper in Receivership
Print
Sault Ste. Marie, Ontario, Canada, 03 January 2012 -- St. Mary's Paper was forced into receivership on 30 December, after its insurer discontinued coverage. CEO Dennis Bunnell told the Sault Star newspaper that lack of insurance carrier caused the mill's first secured party, International Forest Products, to have St. Mary's put into receivership. Bunnell characterized the situation as unusual.

The mill in Sault Ste. Marie has been closed since March 2011, putting about 30 employees out of work, and had operated only sporadically in the past few years. It produces supercalender paper.

The Sault Star reports that the mill's unionized workers had agreed in October not to take any legal action regarding severance pay until January. With the receivership, those employees fall to the end of the list of creditors.

 

Related Articles:


Powered by Bondware
News Publishing Software

The browser you are using is outdated!

You may not be getting all you can out of your browsing experience
and may be open to security risks!

Consider upgrading to the latest version of your browser or choose on below: