Port Alice mill declared bankrupt with $272M in debts – Times Colonist

The Neucel Specialty Cellulose pulp mill in Port Alice has been declared bankrupt with $272 million in debts.

Founded in 1916, the mill was the economic bedrock of the northern Vancouver Island village, but has been closed since 2015. It had also shut down under a previous owner in 2004, reopening two years later.

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Fulida Group Holdings Ltd., a textile producer based in China, took over full ownership of Neucel Specialty Cellulose in February 2011, buying it from a consortium of investors led by Wellspring Capital Management. Fulida had already held a minority stake.

At that time the chairman of Fulida said I strongly believe that this purchase will ensure a stable, sustainable and rapid de…

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