British Columbia firm Pacific West Commercial Corp. chosen as winning bidder for shuttered NewPage Port Hawkesbury mill in Point Tupper, Nova Scotia; negotiations to proceed for purchase of the NewPage site assets
HALIFAX, Nova Scotia
January 4, 2012
– Ernst & Young Inc, Monitor in the matter of the CCAA proceedings for NewPage Port Hawkesbury Corporation (NPPH), announced today that negotiations will now proceed exclusively with Pacific West Commercial Corporation (PWCC) for a going concern purchase of the Company's assets.
The successful completion of a sale is subject to a number of significant conditions being satisfied as outlined in the PWCC offer. The focus will now shift to satisfying these conditions to facilitate a going concern sale of assets.
On January 18, 2012 NPPH will appear in court to seek an extension until March 30, 2012 of the stay of proceedings currently in place. As a result, the timing of the completion of a sale to PWCC is uncertain. Further updates will be provided to the Court as and when the Purchase Agreement is finalized and a timeline provided for the completion of any outstanding conditions.
Sanabe & Associates, LLC assisted NPPH and the Monitor in the sales process.
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