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St. Mary's Paper in Receivership
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.


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