Tuesday, May 06, 2008

Harmac Mill Winds Down Operations

Failed Deal Closes Harmac

After an eleventh hour pull out by Asian Pulp and Paper to buy Harmac pulp mill, Harmac workers are receiving layoff notices by Pope and Talbot.

The company which has been operating under bankruptcy protection for some time would have seen it's bridge financing stop yesterday.

At this time it is unknown if any other buyers are in the wings who may purchase the troubled mill, however the mill will continue to operate until Wednesday May 7 during which time APP may still be willing to negotiate a deal.

This is not good news for the 500+ employees at the mill, nor is it good news for Nanaimo.

Editor's Comment: Is this a lesson in big business neogitating tactics?


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