Terrace Bay, Ontario, Canada, 16 September 2010 -- Terrace Bay Pulp Inc. is pleased to announce that it has successfully exited from creditor protection. The company will now complete the process of recalling the balance of 340 employees to work and preparing the facility for pulp production. Woodlands operations related to the supply of fiber to Terrace Bay Pulp also will commence immediately.
Terrace Bay Pulp acknowledges the extraordinary patience and understanding demonstrated by the employees of the company, the unions, the towns of Terrace Bay and Schreiber, and its business partners.
The company wishes to thank everyone who has contributed to this successful outcome.
The commitment of the Province of Ontario, and Michael Gravelle, the Minister of Northern Development, Mines & Forestry, to the facility and to the region has been an instrumental part of the company’s restructuring efforts.
Today’s success has only been possible as a result of the assistance and efforts of many people. In addition to the financial restructuring assistance of Callidus Capital Corporation, we would like to recognize the work of our professional advisors. These include legal counsel at Blake, Cassels & Graydon LLP and Weiler, Maloney, Nelson; the monitor and the financial advisory group at Ernst & Young LLP.