Halifax, Nova Scotia, Canada, 04 January 2012 -- Pacific West Commercial Corporation is the successful bidder for the idled NewPage Port Hawkesbury operation in Nova Scotia.
The bid is now subject to several conditions, and court approval. The value of the bid has not been disclosed, and it is not known when the sale will be complete.
Pacific West Commercial Corporation submitted their bid as a “going concern purchase” of the assets, meaning the company wishes to operate the mill, to some degree.
Pacific West is associated with Stern Partners Inc., a Vancouver investment firm that also owns Alberta Newsprint Company of Whitecourt, Alberta, and Westland Paper Company, which operates a mill in Oregon in the United States mill.
The Province of Nova Scotia released a statement today saying it is committed to keeping the mill “re-sale ready” through February and March during negotiations with successful bidder Pacific West Commercial Corporation.
NewPage Port Hawkesbury Corporation will appear in court 18 January to request a sales process extension until 30 March.
“This brings us another step closer to getting the mill back in operation to provide the employment and stability the workers and community want,” said Port Hawkesbury Mayor Billy Joe MacLean.