New development Canadian paper producer Paper Excellence has has reached a settlement with the provincial authorities of Nova Scotia. The agreement acknowledges the company will not proceed with its earlier plans to transform and reopen Northern Pulp Nova Scotia in Pictou.
In addition to this, the settlement “provides for a review process agreed between the Northern Pulp group and the Province of Nova Scotia that is aimed to determine whether a new, modern mill in Nova Scotia is viable. The agreement also provides for the settlement of outstanding litigation and loans between the two parties and fully addresses the pensions of former mill employees,” the business said in a statement.
The latest agreement is subject to approval by the Supreme Court of British Columbia, according to Paper Excellence.