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3 January 2012
St. Mary's Paper goes into receivership
SAULT STE. MARIE—St. Mary's Paper has reportedly gone into receivership after losing its insurance.
Documents on the website of receiver Ernst & Young state the Ontario Superior Court of Justice ordered that proof of sufficient insurance coverage was required by Dec. 30 to avoid the receivership order.
But this is not the first woes for the super-calendar grade paper manufacturer; a story in The Sault Star states that the mill went bankrupt in 2007 and was purchased by investors.
A timeline attached to the Star story notes the unionized workforce of 300 was placed on "indefinite layoff" last March, when the mill halted production to "recalibrate its business plan".
The company says it will be launching a new website "as our new plan unfolds".
Marc Dube, St. Mary's director of corporate development and external affairs, could not be reached for comment Tuesday.
Documents on the website of receiver Ernst & Young state the Ontario Superior Court of Justice ordered that proof of sufficient insurance coverage was required by Dec. 30 to avoid the receivership order.
But this is not the first woes for the super-calendar grade paper manufacturer; a story in The Sault Star states that the mill went bankrupt in 2007 and was purchased by investors.
A timeline attached to the Star story notes the unionized workforce of 300 was placed on "indefinite layoff" last March, when the mill halted production to "recalibrate its business plan".
The company says it will be launching a new website "as our new plan unfolds".
Marc Dube, St. Mary's director of corporate development and external affairs, could not be reached for comment Tuesday.
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