Sixty days, that's the amount of time that Podunk Pulp and Paper has to get it's financing straightened out. In what seems like a normal company business procedure, the company once again appeared in front of a BC Supreme Court judge today, asking that they be given a little more time. The judge considered the opinions of the various participants in the proceedings, many of whom would prefer that the company be sent off to the liquidators, selling the saw mills off and closing the pulp mill, bringing this long running soap opera to an end. As the day came to a conclusion, he ruled in favour of an extension, giving a faint pulse to a long drawn out, seemingly never ending process.
The company itself wasn't technically granted the extension, rather the court appointed monitor was given the extension, so as to seek out new buyers or liquidators for the moth balled mill. This will free it up to find a buyer, away from the current company and it's never ending promises of better days just around the corner.
The City of Podunk was a party to the proceedings, standing alone against the rest of the communities in the area. Podunk supported the sixty day extension, though they too have doubts that Podunk Pulp and Paper will be able to secure financing in the upcoming sixty days. It is the hope of the City that the monitor can find other, more cash secure companies willing to take on the task of rebuilding the mill.
For it's part Podunk Pulp and Paper are keeping to their story of almost being ready to go. Lawyers for the company told the court, that they were presently sifting through five, count them, five options for refinancing, all ready to inject 55 million dollars to get things going. It apparently is just a matter of finding the right match to allow the company to restart operations. A story many in Podunk have heard time and time again.
As for the city of Podunk, it's lawyer expressed little faith in the abilities of the company to get it's refinancing plans in order. In fact, the mayor of Podunk said that that the lawyers for Podunk Pulp and Paper, left the impression that the company has little chance of arranging secured financing in the sixty day period. The mayor went on to urge the population to "get their minds of the issue and get on with their lives". The headline of the local newspaper said it all: "Podunk kidding itself on mill hopes" a statement from the mayor, that pretty well sets the mood of the town.
Sixty days, two more months of uncertainty. Podunkians long used to the controversy will be excused if they don't mark the days off on their calendars.
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