Hope for NewPage: buyers step up
Posted Sep 29, 2011 05:24:22 AM.
This article is more than 5 years old.
There’s still hope for the NewPage Port Hawkesbury pulp and paper mill.
The court-appointed monitor says several interested buyers stepped forward before Wednesday’s deadline.
Now, an Ernst and Young spokesperson tells the Herald they’ll work with an investment bank to assess each buyer’s ability to complete a transaction.
Bidders that pass that scrutiny will be invited to submit a formal proposal by October 14.
The mill was shut down earlier this month as the parent company sought creditor protection, blaming high power rates and soaring fuel costs.
The successful bidder should be chosen by early November.
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