Idled mill tentatively sold

Posted Jan 4, 2012 03:24:58 PM.

This article is more than 5 years old.

The idled NewPage paper mill in Cape Breton has been tentatively sold to a company in British Columbia that intends to reopen the operation.

The court-appointed monitor overseeing the sale of the mill says Pacific West Commercial Corp. is the winning bidder _ subject to meeting several conditions and court approval. The money-losing mill was shut down in September, throwing 600 employees out of work, and affecting another 400 forest contractors.

Ohio-based NewPage has said the mill was losing about $4 million a month as it struggled with soaring electricity and shipping costs, a strong Canadian dollar and declining demand. NewPage officials will head to court on Jan. 18 to seek an extension of its court protection from creditors until March 30.

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