MP waits tax concessions SKEENA REFORM MP Mike Scott wants the federal government to share the pain being suffered by Skeena Cellulase’s un- secured creditors. He favours federal tax concessions for those creditors who will continue to work for Skeena Cel- lulose as part of any finan- cial re-organization of the company. Although the provincial government and the Royal and Toronto-Dominion banks have worked out a deal to refinance the compa- ny, secured and unsecured creditors owed more than $100 million must approve an overall reorganization plan. Scott’s keying on income lax, CPP, employment in- surance, GST and other mandatory payments al- ready made by unsecured creditors. _ “These creditors haven’t been paid by Skeena Cel- lulose, yet they didn’t have a choice when it came to making these payments,” said Scott. “So Revenue Canada got paid and in effect profited on the backs of the H No oil here IT MAY look like an oll rig, but that little tower spotted around town during the past weeks wasn’t - looking for black gold. That's Dion Torhjelm and Stave Vaichek of Geotech Drilling. They're work- ing with Morrow Consulting, an environmental consukant who recently opened an office here. creditors, regardless of whether they got paid or not,’’ he added. Scott estimates the federal government receives $100 million a year in various taxes from Skeena Cel- lulose, more than enough reason for it to be interested in helping unsecured creditors. “You can’t force the fed- eral government to do wis, but there is a moral argu- ment to be made that the federal government now be a part of the solution,’’ he said. “T think there should be a real interest on the part of the federal government to have the company and ib suppliers be a healthy enter- prise.” The alternative facing un- secured creditors is most likely just cents on the dol- lars owed them, a factor that could put some iato bankruptcy, the MP noted. Scott did add the federal goverment his extended tax concessions to other companies — most notably a break on the fuel tax given to Canadian Airlines last year when it ran into severe financial difficulty. Terrace Home Based Business Association Fall S| Business 24 Fair. Saturday. November 1" 10:00 am ~ 4:00 pm in the Terrace Arena Banquet Room Door Prizes - Food Concession ™ Admission - Adults $1.00 Students & Seniors $.50 Children under 6 yrs Free ALLPA KALLPA Experience the spirit of the Andes ONE NIGHT ONLY! Hear the rich melody and witness the vital ener- gy of the dances and choreography. You will be transport- ed, enchanted and enriched by this spiritual musical experience. TERRACE INN cy EPILEPSY BP canaba (he pemee Eomenny Ausorebon 1 800 860-5499 School District No. 82 (Coast Mountains) All playing fields at the Terrace/Thornhill area schools will be fertilized monthly. This program will run from May through Oct. 1997. Scott said he has raised the idea of federal participa- tion «=owith =the ~—scourt- appointed monitors putting together the reorganization plan. “I'd be happy to approach the (federal) ministers directly on this matter,’ he said. Juslin Rigsby, the spokes- man for a group of un- secured Repap . creditors owed $30 million, says there’s merit in Scott's sug- gestion. "I think basically most of the creditors would look at anything that'll give them their money, however it comes about,’’ he said. ‘Just in the Terrace and Hazelton areca with logging contractors, Skeena Cel- lulose owes $18 million. And there’s another $3 to $4 million in direct suppliers to the mill,’’ Rigsby said. Feds should help creditors He added that any move by the federal government to assist unsecured creditors would be retuned in the form of taxes on corporate profits, “Right now, at least for those who can, the monies owed have been written off, Any kind of assistance would be considered as in- come and the government would get some of it back,” said Rigsby. Bridgestone Blizzaks. The tires that stick to ice. Bridgestone Blizzak as your car sees it. KALE TIRE Cn | VISA | [ss Cedarland Tire 4929 Keith Ave., Ferrace Ph: 635-6170 Jat ving our stare! Napurchase necessary. Ask for details. An abundance of deep cushioning create a comfor § zone with reclining ends for full-body re relaxation. Appealing transitional styling with the welcome of reclining comfort. sy) Accommodating comfort. ina casually inspired transitional recliner. Trend-setting Mair ina casual style...this sleek silhouctic reclines tothe full-body~ comfort of a chaise” 7 Sale Ends Nov. 1, 1997 Totem’ s s Countrywide Furniture & APE oe 4501 Lakelse Ave. Terrace 1-800-813-1158 698-1158 sa | > |