Sale of AbitibiBowater's Belgo mill approved

A judge has approved the sale of AbitibiBowater's Belgo pulp and paper mill in Shawinigan, Quebec to Recyclabe Arctic Beluga Inc.

The mill has been idle since February 2008.

Although the sale price was not released, AbitibiBowater figures it will save nearly $2.3 million annually after the sale.

The purchase price was undisclosed because AbitibiBowater and its Canadian subsidiary Abitibi-Consolidated are selling other assets in its restructuring under bankruptcy protection, said the judge's court order.

Abitibi received four offers for the vacant building. The recycling company's bid was deemed the most interesting financially and because it will create an undisclosed number of jobs from the partial use of the building.

Source:

AbitibiBowater to save $2.3 million a year with sale of Quebec mill (The Canadian Press)