As a rule, when a cabinet minister speaks publicly about a private sector company’s significant financial problems, things are not good.
Natural resources minister Jerome Kennedy told the world on Friday and Saturday that Corner Brook Pulp and Paper Limited had a heavy bank debt and an unfunded pension liability of about $80 million. Kennedy . . . → Read More: The Sir Robert Bond Papers: The Incendiary End Game in Corner Brook #nlpoli
Not surprisingly, Kruger issued an ultimatum on Tuesday to workers at its Corner Brook mill. CBC quoted the message from the company to the union in an online story:
"The first step to go forward will be to obtain a firm committment [sic] from employees by achieving a satisfactory agreement that will allow CBPPL to . . . → Read More: The Sir Robert Bond Papers: The Precipice Looms #nlpoli
You’ll get a very good sense of what is going on at Corner Brook Pulp and Paper Limited from Gary Kean’s piece in the Saturday edition of the Western Star. As hard as it might seem to believe, some people thought the company was bluffing about the financial state of the mill. Meanwhile, political . . . → Read More: The Sir Robert Bond Papers: Changes in Corner Brook #nlpoli
Kruger, the owners of Corner Brook Pulp and Paper, are reassessing the viability of the mill in the west coast city on Friday after unions at the mill rejected a company proposal to restructure the company’s pension plans.
In a statement issued Friday, natural resources minister Jerome Kennedy said:
We are facing a grave situation, . . . → Read More: The Sir Robert Bond Papers: Death watch in Corner Brook for province’s last paper mill #nlpoli