As we approach the one year anniversary of the Province’s decision to keep it’s promise to close Boat Harbour as scheduled, a reminder from Northern Pulp’s parent co., Paper Excellence:
Northern Pulp is safe from its creditors for another five months…The Nova Scotian taxpayer is its largest secured creditor – holding about $86 million in loans to five companies associated with the Pictou County Pulp Mill…
That $50 million pot set up by Northern Pulp’s parent company, upon which it has already drawn $15 million, comes with strings attached. The money is being provided in the form of advances based upon the following milestones being reached by December 2022.
- An environmental approval to build a replacement effluent treatment plant
- An agreement with the province to help fund its design and construction.
- A court decision or negotiated settlement with the province paying lost profits and damages associated with the idling of the kraft pulp mill.
From Court extends Northern Pulp creditor protection
Aaron Beswick in the Journal Pioneer Dec 12, 2020
Read more in the Journal Pioneer
A letter to Santa Claus, perhaps. I hope he no longer resides in NS.