All smiles in Terrace Bay

There was an upbeat ceremony in Terrace Bay, Ontario yesterday to celebrate the restarting of the Terrace Bay Pulp mill.

It was a long and emotional 19 months for the company and the workers while Terrace Bay Pulp sought credit protection to restructure.

After losing their financial support twice, Terrace Bay Pulp's luck turned around when they looked towards a little known Toronto lender, Callidus Capital Corporation.

Last month, Callidus Capital Corporation came through with $30 million in investment capital that allowed the mill to finally reopen.

Terrace Bay Pulp founder Ken Buchanan Sr. paid tribute Monday to Callidus president Sam Fleiser, who was among the crowd.

“Sam worked diligently to help us get where we are today,” Buchanan said. “He helped lift this mill off the ground.”

Just four years ago it was Buchanan himself who was seen as the saviour in Terrace Bay, after his company took over the mill from Neenah Paper who was making plans to scrap the operation.

At the ceremony yesterday, Buchanan said, “This is the second opening we‘ve had, and I hope it‘s the last. It‘s been a very hard grind to get where we are.”

Read more:

Back in business (The Chronicle Journal)