A Y , 1 1 THE TERRACE Lumber Company was granted another ex- The company now has until Jan. 19 to come up with a 2 {20 tension as it works out a proposal to present to its creditors. plan. At that point the company could request another exten- 3 08 -34 O6//3 . -7.6 -14.1 3.0 The company’s lawyers were in court Dec. 12 and were _ sion, if need be. | 4 29 -0.3 5.6114 3.7 -7.6 14.0 Jf, granted a 45-day extension as company officials continue to “These extensions are all predicated on the notion that 5.27 06 14.6 5 28 -44 #T negotiate with several groups on the sale of what remains of the extension is necessary to pull something together,” says: 6 2. 2 0. 0 17. 6 6 23-44 0.6 the mill and the land it sits on. Prentice. “Whether the company ‘would want an extension at’ oe — ™ “ee . ; Talks with proponents of the newly formed Terrace For- the end of January and whether the trustee would support an 7 n/a® nf a n/a 7 -1.4 -3.4 3.6 est Products company continue, though a signed deal has yet extension at the end of January all depends on what happens Pe ae ene eer oe reeee nena eae ne NEES ENSITy PO to be worked out. » . in the next little while.” _ The proceeds from any land sale would likely be directed The extensions are all predicated on the notion that the Winter WINTER MAINTENANCE driving toward the company’ s outstanding debt, he added. company needs more time to work out a plan. . conditions... During a snowfall, sanding and plowing Saty yo. ‘ operations will be underway, Motarists should be on co A2 - The Terrace Standard, Wednesday, December 13, 2006 - Company gets more time to help satisfy its creditors D Max Min ~ Total A Temp Temp Precip Y Cc Cc “mm : -5.5 -9.7 - 0.0 6.3 °-11.3 0.0 o Min. Total Temp. Temp ‘Precip |: Cc °- ¢ mm jp 83-105 T 33 -85 5.8 the lockout for these'Vehicles as they will be traveling slowly and spraying sand and snow. Please travel a good distance back from maintenance vehicles until an opportunity to pass occurs. Never poss & snow Plow on the right ond always reduce speed to minimize windshield damage when approaching ond passing send trucks. This has been a message for your winter driving sofety from Nechako Northcoast Maintenance. o ‘ c From front re _ Mill sale dealings heating u ap ' “and the only two ways I can, is to sell ° lawyers who craft an enforceable sale agree- my stuff to them as cheaply as possible and ment and that’s the next step in the process,” give them as much time as possible,” said - Prentice said. © vs Nehring: _. Letters of intent tend to have fewer terms Though an. offer to buy: the land has been and conditions that must be met compared to . accepted by way ofa letter of intent, the sale an official asset purchase agreement, he said, is a long way from being closed. - adding many things:can change between the — ‘Larry Prentice, the trustee overseeing time a letter of intent is signed and 4 formal ” .the Terrace Lumber Company’s intention to purchase. agreement closed. REAR RIPRRIARRRPR IRIEL make a proposal to its creditors, says'the let- A closing date for the potential deal . ter of intention is the first step toward a legal . has not been made public. It’s not know if sale ofthe land... 2 there have been other companies interest- - “The next stage, having achieved a letter ed in buying all or parts of the 73 acre par- of i intent, , the Parties then turn it over “to the cel. ree TERRACE PROUD TO SEONSOR ‘aApopreAe PET a This litle girl was found _ in the Thornhill Area and - no one has claimed her,* so she is available for . 4 “adoption. We believe | | she is under one year . old, possibly a daschund mix as she is very low "fo the ground, witha. . -lonngg body! 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