Nova Scotia has given the NewPage Port Hawkesbury, a Supercalendered paper mill that has been under bankruptcy protection since September, a tax refund of $3.3 million. The company is trying to sell the mill and this money will help to keep the facility from running out of money before that happens. Monitor Ernst & Young has also reported that Nova Scotia could step in and provide debtor-in-possession financing to conclude a sale transaction should that prove necessary.
http://times-news.com/local/x1996143757/Judge-OKs-NewPage-executive-bonuses
Separately, a federal bankruptcy court in Delaware has approved a proposal for NewPage in the U.S.; the bonus plan provides $1.5 million for 15 executives.
