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Is It End of the Line at St. Marys?

January 4, 2012
St. Marys Paper is in receivership after the papermaker’s longtime insurer pulled its coverage. With the mill unable to find another carrier, its first secured party, International Forest Products, petitioned to have St. Marys put into receivership, said CEO Dennis Bunnell.

“I really believe this mill could be revived and operate,” said Bunnell.

St. Marys went bankrupt in 2007 and was purchased months later by a local group of investors.

Equipment problems and difficult market conditions have meant little work for the super-calendar producer’s more than 300 employees. St. Marys has only been operational four months in the last two years....

Source: The Sault Star
 

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