Fortress Paper to sell idled Quebec mill to Nexolia

Subsidiaries of Nexolia Bioenergy picking up the site and assets for $15.4 million.

VANCOUVER — Fortress Paper Ltd. has agreed to sell the assets of an idled pulp mill and saw mill in Quebec to Nexolia subsidiaries for $15.4 million.

Nexolia Bioenergy Inc. is a private company focused on investing in natural resources, renewable energy and other projects, will be acquiring the buildings, equipment and property at the mill site in Lebel-Sur-Quevillon, northwest of Montreal.

The transaction is to close by July 8.

Vancouver-based Fortress says the sale of the LSQ Mill will release the company from a number of future obligations.

Fortress says the buyer will assume responsibility for paying property taxes. Fortress will also assign a $7-million secured note it receives to Investissement Quebec

News from © Canadian Press Enterprises Inc. 2016

Have your say:

Your email address will not be published. Required fields are marked *