Lumber company avoids court date with pledge to rebuild
Last Updated: Monday, March 12, 2007 | 5:39 PM NT
CBC News
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A long-running dispute between the Newfoundland and Labrador government and a lumber company on the island's Northern Peninsula has been resolved.
The deal with Chimney Bay Lumber could soon mean jobs in the Roddickton area, Innovation and Rural Development Minister Trevor Taylor said.
The provincial government had threatened to take Chimney Bay Lumber — which formerly operated as Canada Bay Lumber — to court for failing to repay more than $1 million in financing for a sawmill that burned down in June 2003.
The sawmill had been Roddickton's main employer.
Taylor said the terms of the agreement stipulate that construction on a new sawmill must start by May 15 and finish by Sept. 15.
"If they fail to meet any of those dates, then they have to walk away from their claim to the 20,000 cubic metres of wood, roughly, that's associated with their cutting permit," Taylor said.
The company has also agreed to pay its debts by May 10.
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