New financiers for Cascades paper mill.A Thunder Bay Thunder Bay, city (1991 pop. 113,946), SW Ont., Canada, on Thunder Bay inlet of Lake Superior. The city was created in 1970 by the amalgamation of the twin cities of Fort William and Port Arthur and two adjoining townships. group pursuing the acquisition of a mothballed Cascades mill has found a new source of financing. [ILLUSTRATION OMITTED] Andre Nicol, spokesman for the Thunder Bay Fine Papers group, feels confident the mill could still be operational this summer with ambitious plans to produce 200,000 tonnes of coated paper Coated paper is paper which has been coated by an inorganic compound to impart certain qualities to the paper, including weight and surface gloss, smoothness or ink absorbency. Kaolinite is the compound most often used for coating papers used in commercial printing. annually. His group had to search for alternatives after a previous Canadian investors group passed on the deal with Thunder Bay Fine Papers. Nicol says his group was "extremely disappointed" after a pending deal with an earlier investor groups fell through at the end of January after many months despite a letter of intent being signed. "They were leading us astray a·stray adv. 1. Away from the correct path or direction. See Synonyms at amiss. 2. Away from the right or good, as in thought or behavior; straying to or into wrong or evil ways. a little bit." The group is now seeking to complete the transaction with Cascades Inc. by arranging financing for $25 million for mill capital upgrades and operating funds through Ernst & Young Orenda Corporate Finance Inc. Nicol said in mid-April his group was hopeful of finalizing a deal within weeks and being handed the keys by Cascades, which has signed a letter of intent to sell. "I feel better than I did in February because then were getting the run-around." The Thunder Bay group is headed by Dennis Bunnell who served as the last president of Provincial Papers, an employee-run predecessor company prior to the mill's acquisition by Quebec-based Cascades in 1997. Partner John Hitchman is also a former mill manager. Nicol would serve as vice-president of sales. Nicol was part of a group formed in the fall of 2005 when Cascades announced it would closed the mill. The Quebec company blamed high energy costs, a strong Canadian dollar Noun 1. Canadian dollar - the basic unit of money in Canada; "the Canadian dollar has the image of loon on one side of the coin" loonie dollar - the basic monetary unit in many countries; equal to 100 cents and unfavourable market conditions for the closure. Nicol says because of a duty imposed by the U.S. government on coated paper imported from the Far East, the market for Canadian-made paper has the greatest potential for growth, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. their consultant's report. When operational, the mill would employ 340 people and more indirect employment in woodlands and transportation. Once a negotiated deal with Cascades is complete, the operation would be eligible for a slew of provincial dollars. Natural Resources Minister David Ramsay David Ramsay may refer to:
The local group intends to build a co-generation plant with a wood waste feed. By IAN ROSS Ian Ross is the name of:
Northern Ontario Business Northern Ontario Business is a Canadian magazine, which publishes monthly in Greater Sudbury, Ontario. The magazine covers business news and issues in Northern Ontario. |
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