B.C. mill saved in 11th-hour deal
A $1-million bailout plan for a struggling mill in B.C.'s Interior has succeeded at the 11th hour.
The sawmill in Midway, B.C., shut down four years ago and a local group has been trying to get it running again with the help of investors.
But the group needed to raise $1 million by Wednesday in order to pay off the old owners.
Doug McMynn, who heads the group, said they raised the money just in time with a loan from a credit union and the help of the village and local investors.
"It's nerve-wracking cause you never know if you're gonna pull it off or not," he said. "I always felt we could. It was just a matter of getting the right deal together."
Midway Mayor Randy Kappes said saving the mill literally means saving the town.
"Employment carries on, tax base carries on," he said. "Hopefully we can get a few families move back and we come a sustainable community once again. "
McMynn said the mill should be back in operation in October, which will put 50 to 100 people back to work.