The heart of the issue is the tax treatment of a substance called "black liquor," a byproduct of the wood-pulping process at paper mills. The companies have burned black liquor to generate power since the 1930s.Read more
NewPage Corp., the Ohio company that owns the pulp mill NewPage Port Hawkesbury, lost $174 million in the second quarter of its financial year, despite an increase in sales.
The parent company, which has undergone a major shakeup of its top executives, reported having $7 million in cash and $113 million available on a line of credit. But it also has a debt of $3.4 billion.Read more