Terrace Bay Pulp receives extension to creditor protection

Terrace Bay Pulp received an extension to its creditor protection today.

The company now has protection from its creditors until April 30th, 2010.

Today in the Superior Court of Justice, documents were filed with the court that list 373 claims against Terrace Bay Pulp. The claims total nearly $71 million.

The mill, currently idled, received an offer of $25 million in loans from the Ontario provincial government in November. At that time, the company felt they had what they needed to put the final touches on their plan to get the mill restarted, pay off their creditors, and put 350 employees back to work. Three months later, however, a restart date has still not been set.

Source:
Terrace Bay Pulp creditor protection extended (TbNewsWatch)