TERRACE BAY – Terrace Bay Pulp Inc. is pleased to announce its Plan of Arrangement was today sanctioned by the Ontario Superior Court.
The Court’s decision is subject to a 3 week appeal period which will expire on August 17, 2010. This is also the planned closing date for transactions related to the Company’s exit from CCAA protection.
During this period of time, closing documentation will be finalized and the lender will complete its ongoing due diligence.
The monitor has approved the expenditures related to mill start-up and the return to work of affected employees. In this regard Terrace Bay Pulp expects to have its full work force engaged by August 16.