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PHOTO & SLIDESHOW GALLERIES
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| Last updated at 4:26 PM on 23/03/09 |
Abitibi walks away from talks with province  
The Telegram
Natural Resources Minister Kathy Dunderdale told the House of Assembly this afternoon that talks with AbitibiBowater have broken off.
The provincial government and the company have been discussing how much the province should reimburse Abitibi for its so called bricks and mortar assets.
Last fall, the province expropriated the company’s hydro and timber rights after Abitibi announced it would close the paper mill in Grand Falls-Windsor for good at the end of this month.
The company has publicly put the pricetag for the assets at $300 million but Dunderdale says the government’s figure is lower than that.
Outside of the House, the minister would not say just how far apart the two sides are.
She also said the discussions included severance packages for loggers and the companies environmental liability of its operation.
Dunderdale says the company walked away from talks early last week.
An AbitibiBowater spokesman said government’s offer was “way too low,” but noted the company has not closed to the door to further talks.
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23/03/09
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William from Alberta writes: I would be interested to know if AB does enter in bankruptcy protection, (which their creditors have extended until Wednesday 25Mar09) how will the Newfoundland Assets be dealt with?
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| Posted 23/03/2009 at 5:06 PM | Alert an Editor | Link to comment |
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Greg from NL writes: The government should of left the assets alone and let the market decide there value.
The government maybe angry because of GF closing but they want Abibiti's hyro assets on the cheap for the new smelter.
Abitibi needs all the money they can get to stay afloat and when William's and Dunderdale stoled their hyro assets it didn't help.
It is sad about the hundreds of lay-offs
in GF, but if AbitibiBowater goes under it will be sadder for the pensioners who must number in the hundreds
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| Posted 23/03/2009 at 5:28 PM | Alert an Editor | Link to comment |
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p cole from gfw, nl writes: What about the workers inside the mill that are just short of a pension ,age wise, but lots of pension service.
They deserve something from these talks as well as the loggers, remember some of these people are of pension age.
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| Posted 23/03/2009 at 6:50 PM | Alert an Editor | Link to comment |
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Nasty Nate from St. Johns, NL writes: Kathy and Danny wanted it, so they can just suck it up and take the loss that comes with power tripping. Wonder how much this blunder will wind up costing the tax payers now? Clean up, legal fees, fines..... Oh boy it's a barn burnin folks.
I am waiting till Suncor plays hardball and tells Danny and team-wanna-be just what they are going to do and how they are going to be doing things from here on out. Should be very interesting to say the least.
Buy now while the prices are low folks. The Fort Mac bubble is about to show you just how ugly things can get.
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| Posted 23/03/2009 at 7:41 PM | Alert an Editor | Link to comment |
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jim from cottage-country, ontario writes: they better make a deal or the courts will decide, and besides it will be the taxpayer who will pay not the likes of the king, his puppet dunderdale, or abitibi/bowater.
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| Posted 24/03/2009 at 6:53 AM | Alert an Editor | Link to comment |
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