Tuesday, September 7th, 2010
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.
it about time,great news for terrace bay
Its about time that terrace bay had good news about the mill,hope this time they will be back to work aug16th.
That’s great news for Terrace Bay and NWO in general including Thunder Bay some of who’s suppliers and distributors one would suspect supply materials and services to that mill .Another indication that were coming out of the global recession perhaps?