The Neucel Specialty Cellulose pulp mill in Port Alice has remained dormant since shutting down production in 2015. (Tyson Whitney - North Island Gazette)

The Neucel Specialty Cellulose pulp mill in Port Alice has remained dormant since shutting down production in 2015. (Tyson Whitney - North Island Gazette)

Abandoned Port Alice pulp mill decommissioning costs double to nearly $40 million

Court approves request for increased funding by Neucel bankruptcy manager PricewaterhouseCoopers

There has been another plot twist in the Neucel Specialty Cellulose pulp mill’s bankruptcy case.

PricewaterhouseCoopers (PWC) has been managing the bankruptcy process for the defunct Port Alice operation since it was appointed as receiver back in 2020. It had already spent $5 million and told the court it would need a total of $17 million to manage the site until March 31, 2021.

RELATED: Neucel declares bankruptcy

RELATED: Neucel to cost $17 million to decommission

RELATED: Pulp mill creditors unlikely to be paid

Now PWC has asked at a May 21 court hearing for the following:

1. Approval of an increase in the Receiver’s Borrowing Charge from $17 million to $39.743 million;

2. Approval of the activities of the Receiver from the date of the First Report to May 13th, 2021;

3. Approval of the accounts of PwC, in its capacity as Court-Appointed Receiver of Neucel Specialty Cellulose Ltd. and the accounts of its legal counsel, Fasken; and

4. Approval of the Misty Manor Condo sale and a Vesting Order directing the registrar at the Land Title Office to enter the purchaser as the owner and to expunge all financial encumbrances from title.

According to PWC’s website, all four requests were approved by the court.

For more news from Vancouver Island and beyond delivered daily into your inbox, please click here.


@NIGazette
editor@northislandgazette.com

Like us on Facebook and follow us on Twitter

BankruptciesEnvironment

Just Posted

Graeme Roberts, who was mayor of Nanaimo from 1984-86, died this month at age 89. (Photo courtesy Nanaimo Community Archives)
City of Nanaimo flags at half-mast as former mayor Graeme Roberts dies at 89

‘Giant-killer’ beat out Frank Ney in mayoral election in 1984

Curl B.C. chairperson Teri Palynchuk is this year’s winner of the Janette Robbins Award for leadership. Palynchuk is pictured here with the Curling Canada Foundation Cup along with past chairperson Peter Muir, left, and Curl B.C. CEO Scott Braley. (Photo courtesy Curl B.C.)
Nanaimo curling exec wins Curl B.C. leadership award

Teri Palynchuk receives Janette Robbins Award

(Black Press file photo)
RCMP: Air ambulance called to Whiskey Creek after crash involving 2 motorbikes

Both riders taken to hospital with serious injuries

Nanaimo author B.S. Thompson has released his debut novel, ‘The Book of Nodd.’ (Photo courtesy Nora Funk)
Nanaimo author invites readers into dangerous world of dreams in debut novel

B.S. Thompson unveils ‘The Book of Nodd’ with online launch June 20

Potters Virginia Dunseith and Ruth Porter present their joint exhibit ‘Dig It’ at Art 10 Gallery until the end of June. (Josef Jacobson/News Bulletin)
Potters show pieces for home and garden at Nanaimo’s Art 10 Gallery

Virginia Dunseith and Ruth Porter’s show ‘Dig It’ on display until end of June

People watch a car burn during a riot following game 7 of the NHL Stanley Cup final in downtown Vancouver, B.C., in this June 15, 2011 photo. THE CANADIAN PRESS/Geoff Howe
10 years ago: Where were you during the 2011 Vancouver Stanley Cup Riots?

Smashed-in storefronts, looting, garbage can fires and overturned cars some of the damage remembered today

Ivy was thrown out of a moving vehicle in Kelowna. Her tail was severely injured and will be amputated. (BC SPCA)
Kitten thrown from moving vehicle, needs help: Kelowna SPCA

The seven-month-old kitten had severe tail and femur injuries

The Canadian Anti-Fraud Centre estimates that less than five per cent of mass-marketing fraud is ever reported.
Tips to avoid scams targeting Vancouver Island seniors

In most cases, fraudsters impersonate an individual, business or agency seniors recognize and trust

A health-care worker holds up a sign signalling she needs more COVID-19 vaccines at the ‘hockey hub’ mass vaccination facility at the CAA Centre during the COVID-19 pandemic in Brampton, Ont., on Friday, June 4, 2021. This NHL-sized hockey rink is one of CanadaÕs largest vaccination centres. THE CANADIAN PRESS/Nathan Denette
‘Vaxxed to the max’: Feds launch Ask an Expert campaign to encourage COVID shots

Survey shows that confidence in vaccines has risen this spring

Port Alberni court house (Alberni Valley News)
Inquest set into 2016 death of B.C. teen after a day spent in police custody

18-year-old Jocelyn George died of heart failure in hospital after spending time in jail cell

Children’s shoes and flowers are shown after being placed outside the Ontario legislature in Toronto on Monday, May 31, 2021. THE CANADIAN PRESS/Frank Gunn
Ontario commits $10 million to investigate burial sites at residential schools

Truth and Reconciliation Commission identified 12 locations of unmarked burial sites in Ontario

Singer-songwriter Jann Arden is pictured with a draft horse. (Canadian Horse Defence Coalition)
Jann Arden backs petition to stop ‘appalling’ live horse export, slaughter

June 14 is the International Day to End Live Export of Animals

Two hundred and fifteen lights are placed on the lawn outside the Residential School in Kamloops, B.C., Saturday, June, 13, 2021. The remains of 215 children were discovered buried near the former Kamloops Indian Residential School earlier this month. THE CANADIAN PRESS/Jonathan Hayward
Days after Kamloops remains discovery, Tk’emlups families gather to unite, move ahead

‘We have to work together because this is going to be setting a precedent for the rest of the country’

In this Saturday, May 29, 2021, file photo, people crowd the Santa Monica Pier in Santa Monica, Calif. California, the first state in America to put in place a coronavirus lockdown, is now turning a page on the pandemic. Most of California’s coronavirus restrictions will disappear Tuesday, June 15, 2021. (AP Photo/Damian Dovarganes, File)
With COVID tamed, it’s a ‘grand reopening’ in California

No more state rules on social distancing, no more limits on capacity, no more mandatory masks

Most Read