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11 April 2012
Management proposes to buy Baldwin Paper
MISSISSAUGA, ON—The future of Baldwin Paper will be clear on April 19 after a court rules on management's proposal to buy out the company.
On Feb. 14, Baldwin Paper lodged a Notice of Intention to file a Proposal with BDO Canada Limited under the Bankruptcy and Insolvency Act.
At that time it had creditor claims totalling slightly more than $7.4 million, according to a BDO Canada statement. The largest individual claim was more than $2.2 million by Accord Financial. Management has instead put in an offer to buy out and take ownership of the company.
"We've injected some pretty heavy capital and we're going to be buying a lot of inventory and making sure our customers are satisfied," said Baldwin's chief financial officer Ron Moore, as he outlined management's proposal.
On Feb. 14, Baldwin Paper lodged a Notice of Intention to file a Proposal with BDO Canada Limited under the Bankruptcy and Insolvency Act.
At that time it had creditor claims totalling slightly more than $7.4 million, according to a BDO Canada statement. The largest individual claim was more than $2.2 million by Accord Financial. Management has instead put in an offer to buy out and take ownership of the company.
"We've injected some pretty heavy capital and we're going to be buying a lot of inventory and making sure our customers are satisfied," said Baldwin's chief financial officer Ron Moore, as he outlined management's proposal.
If the buyout is sanctioned, Moore insisted it would be good news for Baldwin Paper's clients and employees. "This a good thing," he said. "This is finally fixing something very well."
— Mike Woodward, Editorial Intern
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