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 QuebecNews from © Canadian Press Enterprises Inc. 2016