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Recommended 8 times. 8 Recommend
2010-02-23 at NOON

Terrace Bay Pulp creditor protection extended

By tbnewswatch.com
Thunder Bay TelevisionKeep informed with the Tb Television News hour Weekdays with Barry Third and Marjorie Dowhoshttp://www.tbtv.com
 
An idled pulp and paper mill on the North Shore has secured another reprieve from its creditors, but three months after the province offered up $25 million in loans, a restart date for Terrace Bay Pulp is still uncertain.

The company that owns the mill returned to court Tuesday looking for an extension on its creditor protection. Documents filed in the Superior Court of Justice list 373 claims against Terrace Bay Pulp, which totals nearly $71-million.

The documents state the company has $10 million in cash on hand. The $25 million provincial loan requires Terrace Bay Pulp to find operating financing from another lender to restart the mill.

A letter of intent with a potential funding provider has been sent. Officials from Terrace Bay Pulp were unavailable for comment Monday.

The company now has protection from its creditors until April 30. The mill has been idled for a year, resulting in the loss of more than 400 jobs in the area.
TbNewsWatch.com

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Comments
stiffedbybucky says:
Pulp is scheduled to increase $30 pmt on March 1 to around $900 pmt. Any serious investor with cash to invest would have done so by now and it is just another delaying tactic on buckys part. Another nail in the coffin is the arbitration case for his three mills in tbay scheduled for the summer for severance payments owed to the hard working employees he has screwed around. Laidoffmillguy lets see if he bankrupts these companys or is a "good employer" and pays these employees what is rightfully owed to them. Bobguy many people have chosen not to work for bucky and many more won't as his empire will crumble...or wait it already has.
2010-02-26 at 16:44
laidoffmillguy says:
psmith Sure Ken owes me severence, but during my time working for him I bought a house and almost paid it off bought 2 vehicle's a boat, quad and I had the usually 2 weeks in the winter somewhere nice and warm on a beach, why? would'nt I work for him again? time's were good I don't blame him for going insovent, its something he had little control over. So I guess I am a fool. But I know a bigger fool would be the one that thinks that re-starting a multimillion dollar paper mill is a easy short term process.
2010-02-26 at 16:26
laidoffmillguy says:
I brought a box of tissues for all the crybabies here, first I am gonna adresss the quota system.. Each provice was alloted a certain percentage of the overall Canadian exported lumber...now out of this the province of Ontario then used a calculation based on the last three years of shipments to the US to divy up the alloted board feet allowed by each company to ship across the border, Now if a mill in Ontario shuts down it's allotment does come under question after a period of time only it is challenged by another company that looks to expand and export more material. The Province does not lose its overall percentage of the export market. Now in your fictional theory Stiffedbybucky you suggest that the quota simply disapears( and goes back to the states) if a mill ceases to produce for a lenght of time.....THIS WOULD BE ECONOMIC SUICIDE as the 60%+ of the lumber mills shut down across the country would never be able to produce again... I can't put this in any simplier terms. I don't need to prove my point, it's fact not fiction. What stiffedbybucky is saying simply does not make a lick of sense. Now as for your crying about the 25 million in stumpage fees....I say good for buckey for not paying them, because our federal conservative government botched the softwood lumber deal giving up a billion dollars and my guess would be about 80 to 100 mil for the Buchanan group...money that could have been used to pay severence or better yet, to pay down loans and keep mills running or exploreng value added products and bio-energy. The main point here is the Buchanan IS still fighting to get this mill going....WHO else will NEENAH?... KIMBERLY CLARK?. These jobs are not low payin part-time they are full-time good paying, And I for one am hopefull and optimistic that this mill will start again.
2010-02-26 at 16:02
stiffedbybucky says:
Going forward, quotas for sawmills are based on a three year rolling average of shipments to the USA. Basically if you don't run you lose the quota. Simple.Some of his mills have not run for around three years. They will run out of quota. NOT based on new sawmills or entrants. Laidoffmillguy has it all wrong. Not sure where he got his info but 100% inaccurate. As for greedy banking practices....what about the 25 million bucky owes for stumpage fees...did he think he could cut the trees down for free?? In the end all assets of his need to be sold and the hard working employees owed there money need to be paid. For those who "trust" bucky and are hanging on "loyal" employees get on with your working career cause he is stringing you along.
2010-02-26 at 14:52
stiffedbybucky says:
laidoffmillguy: Softwood lumber quota to the US is based on the NEW three year rolling average of shipments to the the states NOT new sawmills or other entrants. You talk about greedy banking practices???? What about the 24 million he owes for trees cut on crown land?? Did he think he could cut the trees for free? He is the crookedest guy around.
2010-02-26 at 03:54
psmith says:
laidoffmillguy, you are either the biggest fool in forestry to trust Bucky after he screwed you (like he screwed everyone else out of hard-earned $$$), or you are Bucky's stooge. Or maybe your name is actually "Kenny"? You certainly seem to know a lot about the inside details.

face it, Bucky has strung everyone along so often that the mill re-opening is getting to be a joke. it's been delayed how many times?

instead of calling everyone here uninformed and uneducated laidoffmillguy, you might actually start listening to what your fellow "laid off mill guys" have to say.

Bucky is known by many to bankrupt his various spiderweb of companies to skip out on $$$ he owes, people say he's been doing it for years. I know good people he didn't pay, forced them under so they had to sell their equipment, then him or his daughter swoops in and buys the same equipment for pennies on the dollar.

can't screw everyone in the north, buy off two out of the three local political machines to rig the next election, and play nasty games and expect people to like him one bit.
2010-02-25 at 23:55
Bobguy says:
For all the people who hope that Bucky fails I ask why? What is in it for you? If you have any skin in the game you will not end up with any benefit whatsoever. Furthermore, the wonderful thing about Canada is that you can choose who you work for...if you don't wish to work for Ken again, I'm sure he will be all to willing to help you with that.

2010-02-25 at 17:48
stiffedbybucky says:
Laidoffmillguy....the quota to the states is based on a 3 year rolling average of shipments...NOT...new sawmills or new entrants. How long have Bucky's sawmills been shut down. Where did you get the "new sawmill" theory?? Do the math.
2010-02-25 at 17:05
laidoffmillguy says:
stiffedbybucky??? Where do you come up with this info, at the local robin's donuts? First of all none of Buchanan's quota has been lost....It's set provincialy the only way it can be taken away is by a new sawmill opening up, and last I checked NO new mills have been built for years. Second..for bucks mills to become profitable the base price of lumber needs to be over 320 at this point the tariff is reduced and quotas are incresed currently the price is 317 which in my opinion would be enoughto break even at his more efficiant mills. Finally Buchanan has not lost any of there limits. I come to see that the most uninformed and uneducated seem to 100% blame Buchanan...fact is he did provide decent paying jobs for years and if it was'nt for the botched softwood lumber deal and greedy banking practices, high dollar and fuel prices he would have been operating through this downturn. If anybody beleives that Ken Buchanan purposly put his company into bankruptcy is to say the least a complete moron. Buchanan owes me money too, but I would rather have my job back. Last I heard may 1 is the start-up date for TBPULP as well as longlac and Dubreville sawmills will start up as too and I really hope it does.
2010-02-25 at 16:11
hadenough says:
There was a article here some time back about the Atikokan generating plant switch to wood pellets and the company that was going to be harvesting wood was looking for 700,000 cubic meters of wood for the plant. That wood likley is going to come from the former Bucky SFL of Sapawe.
There goes that SFL.
2010-02-25 at 16:06
stiffedbybucky says:
Raxor is exacty right. Who in their right mind is going to cut wood for Buchanan without demanding payment upfront. He was known in the past for SCREWING contractors every which way he could. Don't expect whoever is left to cut wood for you to do it.Buchanan has lost between 25-50% of his softwood quota to the USA and will lose the same amount next year under the new rules if he doesn't start up sawmills soon. He probably won't because he needs lumber prices over 400 dollars per MFBM to run his inefficient mills.Never mind the cutting rights that have been lost. Abibow sawmill is starting to get wood from old Buchanan SFL's already like the Sapawe Forest.
2010-02-25 at 13:58
unionbay880 says:
The dog and pony show continues. Stop playing with these workers hopes. Is there a time limit as to when unionized workers do not have to be hired back? Is this a reason for the delay, just a thought........
2010-02-25 at 08:53
Greenstoner says:
There is no such thing as a no cut order in place. The trouble with the 200,000+ cords is that most of it is located in winter blocks, requiring frozen ground conditions. So if the mill was to start operating again this spring or summer, they would have to start up some harvesting operations this year to keep the mill going - even as early as May or June. If he was able to pay off what he owes to contractors, I don't think it would be too difficult to get operations up and running again.
2010-02-24 at 23:19
raxor says:
Another extension, give it up bucky!!!! Nobody in there right mind would work for you - you owe too much money. SFL's are gone in a few more months. The only way anyone will work form himm is pay what is owed to them and if you want some wood cut, pay up front before i move one piece of equipment. Your reputation has never been good now it is beyond repair. Government wont give you any more breaks did you hear the goverment is 12 billion in debt - not likely now ehhh
2010-02-24 at 22:15
Bobguy says:
Drayton lad...you are so funny because you have no clue what you are talking about. Somehow I dont believe he has $30 million dollars of logs cut down.
2010-02-24 at 21:55
drayton lad says:
with a no cut order in effect because Bucky still has 200,000 plus cords on the ground,he won't need cutting crews till late 2011 at best
2010-02-24 at 11:18
stiffedbybucky says:
With no sawmills running where he is going to get the wood to run them. The new forest tenure system basically states you have to have a business plan and or operating entity to support the plan. Who is going to cut wood for him? The writing is on the wall!
2010-02-23 at 15:58
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