News Column

BR-NL-Mill-Loan

February 21, 2014



CORNER BROOK, N.L. - Newfoundland and Labrador Premier Tom Marshall says the government is working to ensure the viability of Corner Brook Pulp and Paper for years to come.

Marshall has announced a loan agreement for up to 110-million dollars for the west coast mill.

The loan is fully repayable with about 85-million dollars to be released up front.

The remaining 25-million dollars will be made available as planned capital improvements are completed.

The repayment will be spread out over 59 quarterly payments with the final payment due December 31st, 2033.

Marshall says the mill being operational is crucial to the province's forestry sector.

He says the deal was made possible by the company, its past and present employees and the government coming together with a common goal.

Under the agreement, the mill is required to continue to operate, is responsible for environmental liabilities, and must contribute to the employee pension plans.

(The Canadian Press, St. John's Telegram)

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(The Canadian Press, St. John's Telegram)


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Source: Canadian Press Broadcast Wire (Canada)


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