OWNERS OF MILL FILE FORBANKRUPTCY PROTECTION
The local press reports that Pope & Talbot have filed for bankruptucy protection on Monday of this week.
This move is necessary to protect the mill from further action by creditors and gives the company some more time to sell some of it's assets or the company as a whole.
During this time there is no immediate plans to shut the mill or lay off any of the 500+ workers.
Harmac has been an important part of the Nanaimo economy for over 50 years and has a payroll of over $50 million. They are also a major part of the local tax base, so any negative outcome for Harmac will have a negative impact on the local economy.
In the meantime the mill will continue to operate as 'normal' but there is no sense of security for workers at the mill, many of which have never worked anywhere else.
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