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Uniforet files for bankruptcy.

PIMA's North American Papermaker

| June 01, 2001 | Fales, Gregg | COPYRIGHT 1997 Paper Industry Management Association. (Hide copyright information)Copyright

Uniforet Inc. has filed for bankruptcy court protection after it ran out of money and could not pay a $3.4 million interest payment. The Montreal company says it will continue operations, pay suppliers and satisfy customer orders while the process continues under the Companies' Creditors Arrangement Act.

The company will present a plan to the Superior Court of Montreal that will set out the terms of debt restructuring and other obligations to creditors.

Since Jolina Capital Inc., the holding company controlled by Emanuele "Lino" Saputo, is one of the largest secured creditors and a major shareholder of Uniforet, the company's board accepted Saputo's …

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