MIRAMICHI, NB -- Atcon Plywood mill has been sold for $5.255,000 to Quebec businessman Pierre Seguin.
Seguin's winning bid was .nearly $2 million more than was offered by American businessman Charles Martin and nearly $2.5 million more than his initial bid for the defunct plywood mill, according to the New Brunswick Business Journal.
Last month, the courts delayed acceptance of a bid after giving consideration to Martin's 11th hour proposal, then set at $3.1 million, $300,000 more than Seguin's bid at the time. Martin raised his bid to $3.3 million in the second round, far short of Seguin's new offer.
In addition to the $5.2 million, Seguin presented a letter spelling out the potential of paying Atcon creditors an additional $750,000 over the next five years, the Journal reported.
Seguin plans to reopen the plywood plant as Maritimes Miramichi Plywood Ltd. Acton Plywood opened in 2005 and went into receivership in the first quarter of 2010.
Posted by Rich Christianson
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