Northern Pulp has filed court documents, seeking approval to begin a sales of its assets under the Companies’ Creditors Arrangement Act.
The court-appointed monitor Ernst & Young is recommending a bid from Macer Forest Holdings Incorporated for Northern Pulp’s timberland assets if no higher bids are received.
With sale of the assets beginning, the Nova Scotia Superintendent of Pensions has appointed Eckler AdminCorp as the administrator of the Northern Pulp Pension plans. Members will soon receive a formal notice from Eckler about the change. No action is required from the members and there is no change in benefits.
Northern Pulp has submitted a draft mill site closure plan with the province. The company is seeking to extend the present CCAA stay period until December 19th to conduct the sale of its assets. During the extension, Northern Pulp will continue to maintain the mill site and manage timberland operations. The British Columbia Supreme Court will hear the application on Thursday.
Northern Pulp began the process of selling its assets in July after confirming it was unable to secure the necessary funding for a new mill project in Liverpool.