Nova Scotians have a huge lawsuit hanging over their heads, but they can be forgiven for not dwelling on it in the summer of 2022, given the never-ending storm of crises swirling around them — COVID-19, the climate crisis, biodiversity collapse, runaway inflation and disaster capitalism run amok, and disintegrating democracy around the world. Still, […]
An Indonesian company is increasingly controlling Canada’s pulp industry, but regulators seem unwilling to act
Paper Excellence, already Canada’s largest pulp and paper producer, now plans to swallow Resolute Forest Products.
Today news broke that pulp and paper giant Paper Excellence is about to swallow up Canada’s Resolute Forest Products in a deal worth US$2.7 billion. “We are very alarmed by this development,” says Shane Moffatt, head of Greenpeace Canada’s Nature and Food Campaign. “It calls for much greater scrutiny of the ownership of Paper Excellence. […]
Paper Excellence’s very big deal
Northern Pulp’s parent company is set to acquire the North American pulp and paper giant Domtar. While the acquisition is getting very little media attention in Canada, around the world many people are worried about it — for many good reasons.
It is a Very Big Deal. At 10am on Thursday, July 29, at a special virtual meeting, shareholders of Domtar, a giant in the North American pulp and paper industry, will vote on whether to accept the sale of all the corporation’s issued and outstanding shares of common stock to Paper Excellence for US$55.50 per […]
Corporate shell game
Northern Pulp seeks protection from creditors in a BC court — and its largest creditor is its owner, Paper Excellence
Northern Pulp — the mill in Pictou County — has gone into hibernation. And Northern Pulp — the company — is “insolvent.” It is one of seven related companies petitioning for creditor protection in the British Columbia Supreme Court, while it seeks “a plan of compromise or arrangement.” The petitioners seeking relief from debt payments, […]