[SYDNEY, NS] — A court affidavit says the idle NewPage paper mill in Cape Breton requires $2 million in repairs before it can be restarted.
The affidavit, filed with the Nova Scotia Supreme Court, says a maintenance shutdown planned for late September 2011 was cancelled when the money-losing mill was shut down and put up for sale.
In the document, chief restructuring officer Peter Wedlake says the mill's potential buyer — Pacific West Commercial Corp. — says the repairs must be done quickly because the company doesn't want to miss potential orders.
The affidavit says much of the money for the repairs will come from fund provided by the provincial government.
Meanwhile, Pacific West has said it won't go ahead with the purchase unless a complicated electricity rate arrangement is approved with private utility Nova Scotia Power Inc.
It remains unclear when the Canada Revenue Agency will issue its ruling.
