Pacific
West Commercial Corp. is poised to pay $33 million to buy an idled Cape Breton
paper mill.
The
British Columbia forestry firm, an affiliate of Stern Partners Inc., emerged as
the top bidder for the embattled NewPage Port Hawkesbury paper mill in January.
The offer price had been kept under wraps until the mill’s chief restructuring
officer filed an affidavit with Nova Scotia Supreme Court on Friday.
In
order to approve the sale, NewPage has put forward a motion for an order
approving a meeting of the mill’s creditors.
In
order to ensure there is enough time for the sales process, NewPage has also
put forward a motion for an order granting an extension of the mill’s creditor
protection status.
