Terrace Bay Pulp debt more than $42M
Creditors include numerous businesses across the northwest
Thunder Bay-area companies once again have a lot at stake in what happens to Terrace Bay Pulp.
Documents released this week show some significant debts owed to local firms.
There are about 300 creditors, including dozens in Thunder Bay and on the North Shore.
The bills range from more than $850,000 from a supplier of steel and mechanical supplies, to much smaller amounts for businesses such as saw-sharpeners, courier services, officer suppliers, and even a food store.
In all, Terrace Bay Pulp is about $42 million in the red.
More than half that is owed to the province of Ontario, which guaranteed a loan to the company.
But it's smaller players who stand to suffer the most. One Thunder Bay business owner said it's the second time he's been hurt by the financial difficulties of Terrace Bay Pulp, and he's not confident he'll ever get his money back.
Ernst and Young is the company's court-appointed monitor, and is in the process of finding a buyer for the operation.
The monitor has released a long list of northwestern Ontario and other companies the pulp mill owes money to.
Terrace Bay Pulp remains protected from its creditors under the Companies' Creditors Arrangement Act.