Post by formeremployee on Feb 25, 2009 13:11:06 GMT -7
Marathon Pulp owes more than $50 million
Feb 20, 2009 | In Mill Closures & Layoffs | Send feedback »
Now that Marathon Pulp has filed for bankruptcy protection, the size of its debt has become public knowledge.
Yesterday PricewaterhouseCoopers posted financial details of Marathon Pulp's debt load on their website. Marathon Pulp owes $50.4 million. The bulk of the debt - about $47 million - is owed to banks and the company's co-owners Tembec and Kruger Inc.
The other creditors include:
Town of Marathon - $670,002
Buchanan Forest Products - $500,000
Haavaldsrud Timber - $240,000
Pic River Development Corp - $431,865
Muskoka Delivery Services - $23,625
Lakehead University - $2,677
View a list of every business owed more than $250:
www.pwc.com/ca/eng/about/svcs/brs/marathon-003_021809.pdf
Haavaldsrud Timber, one of the creditors, who had to lay off 25 of their workers a few weeks ago, is worried about they money they are owed.
"Will it sink us?" said Haavaldsrud administrator Carlo Bin. "I hope not. But in this economy every dollar counts and we now have to figure out how to survive this."
As more mills and forestry companies are declaring bankruptcy, ForestTalk.com is hearing from more and more of their small business suppliers who are unwilling to extend any credit. Several are only accepting advance cash payment for their services.
Marathon Pulp, which is to be idled indefinitely at the end of this month, is under protection from its creditors until March 13 when a 30-day protection period expires.
Sources:
Marathon Pulp's massive debt surfaces - Company owes more than $50M to about 100 creditors (The Sault Star)
Feb 20, 2009 | In Mill Closures & Layoffs | Send feedback »
Now that Marathon Pulp has filed for bankruptcy protection, the size of its debt has become public knowledge.
Yesterday PricewaterhouseCoopers posted financial details of Marathon Pulp's debt load on their website. Marathon Pulp owes $50.4 million. The bulk of the debt - about $47 million - is owed to banks and the company's co-owners Tembec and Kruger Inc.
The other creditors include:
Town of Marathon - $670,002
Buchanan Forest Products - $500,000
Haavaldsrud Timber - $240,000
Pic River Development Corp - $431,865
Muskoka Delivery Services - $23,625
Lakehead University - $2,677
View a list of every business owed more than $250:
www.pwc.com/ca/eng/about/svcs/brs/marathon-003_021809.pdf
Haavaldsrud Timber, one of the creditors, who had to lay off 25 of their workers a few weeks ago, is worried about they money they are owed.
"Will it sink us?" said Haavaldsrud administrator Carlo Bin. "I hope not. But in this economy every dollar counts and we now have to figure out how to survive this."
As more mills and forestry companies are declaring bankruptcy, ForestTalk.com is hearing from more and more of their small business suppliers who are unwilling to extend any credit. Several are only accepting advance cash payment for their services.
Marathon Pulp, which is to be idled indefinitely at the end of this month, is under protection from its creditors until March 13 when a 30-day protection period expires.
Sources:
Marathon Pulp's massive debt surfaces - Company owes more than $50M to about 100 creditors (The Sault Star)