Newcastle Lumber goes into receivership
May 25, 2009. Newcastle Lumber Co. Inc., the last operating mill on the Miramichi River, Canada, has gone into receivership. Over 100 workers will be affected by the shutdown, including woods contractors and mill workers at the main mill in Newcastle and the dressing facility in Boiestown.
May 25, 2009. /Lesprom Network/. Newcastle Lumber Co. Inc., the last operating mill on the Miramichi River, Canada, has gone into receivership, as ForestTalk informed Lesprom Network.
The family owned sawmill has been operating in Miramichi, New Brunswick since 1894. Over 100 workers will be affected by the shutdown, including woods contractors and mill workers at the main mill in Newcastle and the dressing facility in Boiestown.
"Understandably, this is a very difficult time for Newcastle Lumber, its employees, suppliers, and customers," said company President Dan Anderson.
"In the face of very difficult economic times and other closures in the region, the mill fought very hard to stay in operation - unfortunately it was unable to secure the necessary funding in order to modernize its operations and stay competitive."
The company had a loan guarantee from the provincial government that expired last year and was not renewed. The company hopes it will be able to restructure and reopen.