Northern Pulp granted creditor protection until the end of 2020 (cbc.ca)

A judge in British Columbia has granted Northern Pulp creditor protection until the end of 2020 and approved an interim financing agreement that will see the mill receive $15 million from third-party lenders.

Justice Shelley Fitzpatrick delivered her decision Thursday in B.C Supreme Court via teleconference following two days of arguments.

The hearing was held in B.C. because that’s where Northern Pulp’s parent company is based.

The ruling means the mill, which was facing a cash crunch, now has the liquidity to get it to the end of the year as it works toward completing environmental cleanup work required by the Nova Scotia government at a site in Pictou County and works on a restructuring effort in hopes of eventually reopening the operation.

The mill has been shut down since the end of January, after failing to secure approval to build a new effluent treatment facility. Fitzpatrick ordered the monitor, Ernst & Young, to provide an update on the company’s progress by October.
more at source: https://www.cbc.ca/news/canada/nova-scotia/northern-pulp-boat-harbour-court-creditor-protection-1.5677445

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