Northern Pulp Granted Six-Month CCAA Stay
Today the B.C. Supreme Court approved our request for an additional six-month CCAA stay. We are thankful that the Court has approved our requests and that we can continue to work toward operating a new mill in Nova Scotia.
We continue to support our employees and retirees, and to that end will continue providing retiree benefits and honour our employee and retiree obligations throughout this period. Our mediation discussions with the province are ongoing. We continue to proceed in good faith in these confidential discussions.
As we indicated to the courts, our tree nursery in Debert sustained significant damage during Hurricane Fiona. The Court has approved us to spend $1.1 million to purchase 12 new greenhouses and make repairs to the existing 13 greenhouses. As the largest tree nursery in the province—growing approximately six million seedlings annually—the seedlings grown at our Debert greenhouses are essential for reforesting Crown and privately-owned land from Yarmouth to Cape Breton.
As we heard once again a few weeks ago, Nova Scotia’s forestry sector needs a pulp market to make the transition to ecological forestry possible as the Lahey Report has indicated. A new mill is the solution and we will continue to work to the end for the benefit of all stakeholders.