NS: Agreement with NewPage's buyer on horizon, says premier

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By The Canadian Press

Darrell Dexter did not specify what the agreement with Pacific West Commercial Corp. would entail, but he says it will be announced in the 'imminent future'.

Premier Darrell Dexter says he is pleased that creditors voted Wednesday to accept a settlement on what they're owed from the NewPage Port Hawkesbury paper mill.

[HALIFAX, NS] — Nova Scotia's premier says the provincial government will soon announce details of an agreement with the prospective buyer of an idle Cape Breton paper mill.

Darrell Dexter did not specify what the agreement with Pacific West Commercial Corp. would entail, but he says it will be announced in the "imminent future".

Dexter says he is pleased that creditors voted Wednesday to accept a settlement on what they're owed from the NewPage Port Hawkesbury paper mill.

But other steps remain before the deal is finalized.

Pacific West Commercial also needs a decision from the Utility and Review Board on a power rate agreement, as well as a ruling from the Canada Revenue Agency to approve the board's decision should it go in the company's favour.

The Vancouver company has said wants to start making paper in September.

The mill's closure left some 600 employees without work and affected another 400 forestry contractors.

Organizations: Pacific West Commercial, Utility and Review Board, Canada Revenue Agency

Geographic location: Nova Scotia, Cape Breton, Vancouver

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