ANNOUNCEMENT 20 Feb 2014

The company will be provided with a fully repayable loan up to Can.$110 million (US$88.3 million).

 

 

NUMBER OF INTERVENTIONS

1

  • 1 harmful
  • 0 neutral
  • 0 liberalising
Inception date: 20 Feb 2014 | Removal date: open ended

State loan

On February 20, 2014 Premier Tom Marshall of Newfoundland and Labrador announced that the provincial government and Corner Brook Pulp and Paper Limited have signed a loan agreement and a power assets and water rights purchase agreement. The company will be provided with a fully repayable loan up to Can.$110 million (US$88.3 million). Approximately Can.$85 million (US$68.3 million) will be released at the beginning of the agreement to allow the company to refinance existing debt, and for working capital. The remaining Can.$25 million (US$20.1 million) will be provided as planned capital improvements are completed.

AFFECTED SECTORS