Terrace Bay Pulp Exits Creditor Protection


TERRACE BAY – Terrace Bay Pulp has issued a statement on its ongoing efforts to re-open the mill in the community of Terrace Bay.

Here is the text of that statement:

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 will also commence immediately.

We wish to acknowledge the extraordinary patience and understanding that has been demonstrated by the employees of the company, our unions, the Towns of Terrace Bay and Schreiber and our business partners.

The company wishes to thank everyone who has contributed to this successful outcome.

The commitment of the Province of Ontario, and the Minister of Northern Development, Mines & Forestry – Michael Gravelle, to our 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; our Monitor and the financial advisory group at Ernst & Young LLP.

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