Paper Excellence Canada and the province of Nova Scotia reach a settlement

Paper Excellence Canada
May 23, 2024
Category: Business & Politics
Region: Canada, US East

HALIFAX, Nova Scotia — Paper Excellence Canada announced that it has reached a settlement with the Province of Nova Scotia that acknowledges plans to reopen Northern Pulp in Pictou will not proceed and provides for a review process… to determine whether a new, modern mill in Nova Scotia is viable. The agreement also provides for the settlement of outstanding litigation and loans between the two parties and fully addresses the pensions of former mill employees. The settlement agreement is subject to approval by the Supreme Court of BC. Central to the settlement agreement is the creation by the Northern Pulp group and the Province of Nova Scotia of a review process that will explore the feasibility of a new mill in Liverpool, Nova Scotia. …Other highlights include: the Pictou site to be maintained for potential logistics operations; …former employee pensions will be fully funded; …and withdrawal of litigation and settlement of debts.

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