NewPage's shuttered Port Hawkesbury newsprint, SC paper mill in Port Tupper, Nova Scotia, owes C$156M to unsecured creditors, including C$55M to parent company NewPage, C$9.3M to Nova Scotia Power
September 21, 2011
– The shuttered NewPage Port Hawkesbury newsprint and supercalendered paper mill in Port Tupper, Nova Scotia, owes C$156 million to unsecured creditors, according to a preliminary list of creditors released by the company, The Canadian Press (CP) reported Sept. 20.
The Point Tupper mill's liabilities include C$55 million owed to its parent company, Miamisburg, Ohio-based NewPage, as well as C$75 million in unfunded pensions, according to the list, reported the CP article carried in The Chronicle Herald.
Among the other debts listed are C$9.3 million owed to Nova Scotia Power Inc., C$511,895 to the Natural Resources Department and C$10,649 to the Minister of Finance, CP reported.
Eleven secured creditors are also on the list, which does not indicate the amounts owed them.
NewPage compiled the list and posted it on a website as part of the bankruptcy protection proceedings, CP reported.
NewPage completed the indefinite shutdown of its two paper machines at the 600-employee facility on Sept. 16, citing high power costs, the high Canadian dollar and climbing transportation expenses, CP reported in an earlier article Sept. 16.
The primary source of this article is The Canadian Press (CP), Toronto, Ontario, on Sept. 20, 2011.