Four final bids received for purchase of NewPage mill
Posted Dec 17, 2011 06:06:53 AM.
This article is more than 5 years old.
The deadline for final offers for the purchase of the NewPage Port Hawkesbury paper mill passed Friday with four offers being submitted.
Ernst & Young, the court-appointed monitor overseeing the sale of the closed mill, said it will now evaluate the offers along with NewPage and New York investment bank Sanabe & Associates LLC.
Julie Fournier, a spokeswoman for the monitor, said in a release that they expect to choose a successful bidder by December 30th, and then ask the court to approve a sale on or before January 20th.
The identities of the final bidders were not released.
The NewPage mill closed in October, throwing 600 people out of work and affecting 400 others who cut and truck the wood for processing.
Company officials said the mill was losing about $4 million a month as it struggled with soaring fuel and electricity costs, a strong Canadian dollar and declining demand.
