Update on Terrace Bay Pulp


THUNDER BAY – The following statement has been released by Terrace Bay Pulp, regarding the company’s continued efforts to re-open the mill in Terrace Bay Ontario.

“Throughout the past 10 days, Terrace Bay has been engaged in intensive discussions with the Province to resolve issues necessary for successful CCAA Plan implementation.

“Terrace Bay and the Province have come to an agreement in principle which provides for a secure, sustainable and economical wood supply for the Mill.  The terms of this agreement, as well as other key issues which have been resolved, will be finalized and documented in the coming weeks, assuming Plan sanction by the Court.   Terrace Bay continues to engage in discussions with the Province and its lender, who is completing due diligence, on various issues and conditions for Plan implementation.

“As a result of the significant progress that has been made, Terrace Bay Pulp will, today, with the consent and approval of the Monitor, file the necessary materials with the Commercial Court in Toronto that will allow it to proceed with the Sanction Hearing next Tuesday July 27 at 10:00 am.

“Terrace Bay has also received approval from the Monitor to commence some pre-start activities which will include the purchase of various materials and the call back of staff necessary for implementation of the start-up plan”.

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