ABWTQ - noticed this article on Forest Talk
On the NFLD / Larbr. Deal. Any comments?
Not sure if this changes anything?
Supreme Court of Canada agrees to hear Newfoundland and Labrador’s appeal
November 26th, 2010 | Posted in Misc. No comments »
The Supreme Court of Canada has agreed to hear Newfoundland and Labrador‘s appeal concerning the environmental cleanup ruling regarding former AbitibiBowater properties.
The province of Newfoundland and Labrador originally wanted to become a secured creditor of AbitibiBowater to ensure the company paid for the environmental cleanup of sites it once owned in the province. The Quebec Court of Appeal refused to hear the appeal.
There are 5 sites in Newfoundland that require environmental clean-up. AbitibiBowater operated on these sites between 1905 and 2008, including the Grand Falls – Windsor mill site that was expropriated by the provincial government. The clean-up is estimated to be hundreds of millions of dollars.
The province of Newfoundland and Labrador wants the Supreme Court to determine key issues of public importance related to the creditor protection process under which the initial ruling was made.
In particular, it said the court needs to decide if a debtor’s statutory duty to remove environmental contamination is “extinguished” under the Companies’ Creditors Arrangement Act, like a commercial debt.
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