By Brian Kieran - Campbell River Mirror Published: December 20, 2012 8:49 AM
The $8.6 million deal to sell the Catalyst pulp mill to an elusive
Edmonton developer with a questionable track record has collapsed. Catalyst Paper made the announcement Wednesday saying
“the sale of the Elk Falls site in Campbell River to Pacifica Deep Sea
Terminals Incorporated did not close and the sale agreement has been
terminated.” It was hardly a surprise. Four deadlines for the sale
of the 400-acre property were missed. And, none of the grandiose
promises made by developer Harold Jahn had materialized. As well, the
property has been declared “contaminated” and all development has been
frozen pending the approval of remediation plans by the provincial
ministry of the environment. Catalyst says that Jahn had given the company “a
non-refundable prepayment of a portion of the purchase price and the
transaction timeline was extended multiple times up to the ultimate
deadline of Dec. 18.” (more)
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