Insolvent newsprint giant AbitibiBowater is seeking court approval to sell 160 hectares of land that once housed a paper mill in Kenora, Ont., for $6 million.
A numbered company that is an affiliate of Imperial Trading Corporation verbally agreed three years ago to purchase the land once the mill was demolished and environmental remediation was completed.
Demolition of the mill was completed in September 2009, although a recycled paper plant still remains on the site. A phase one environmental study was completed two months later.
Montreal-based AbitibiBowater announced permanent closure of the mill on Dec. 14, 2005.
The sale is part of AbitibiBowater's efforts to sell about $1 billion of non-core assets before it exits court protection from creditors as a lower-cost producer.
