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Post by : Meena Ariff
In a significant development for the Northern Pulp bankruptcy case, a British Columbia Supreme Court judge has given the green light to a $235-million deal aimed at selling the company’s extensive timberland assets.
Justice Shelly Fitzpatrick approved the bid during a court session, noting that it substantially outperformed an earlier offer exceeding $100 million. This decision is part of the ongoing creditor protection strategy concerning the closed pulp mill located in Pictou County, Nova Scotia—a situation that has persisted for more than five years.
The winning bid was made by Tidnish Holdings, a company owned by the Nova Scotia entrepreneur John Bragg. The acquisition encompasses about 173,000 hectares of forested land along with associated assets, making it one of the most significant forestry land transactions in Nova Scotia in recent years.
Despite the mill’s Nova Scotia operations, the legal processes are unfolding in British Columbia, the home of Northern Pulp’s parent company. The competitive auction, held in late November, drew several bidders, including private entities and provincial representatives.
The deal still requires consent under the federal Competition Act, a process anticipated to take several months.
The transaction has been favorably received by experts in forestry and some environmental advocates, as they see it as a step toward maintaining local ownership of forest land through sustainable management practices. Bragg has stressed his family's historical ties to forestry and a commitment to responsible stewardship; his company already operates on tens of thousands of hectares in the province.
Proceeds from the sale will follow a court-sanctioned distribution plan. The Nova Scotia government is expected to recoup about $100 million in debts, while approximately $37 million will be allocated to stabilize the pension fund for current and past mill workers.
An added $15 million is earmarked for the continued upkeep of the former mill site and the implementation of a formal closure strategy. To enable the completion of this deal and the ongoing closure efforts, the court has extended the creditor protection timeline for Northern Pulp until April 30, 2026.
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