Marathon Pulp Inc

Marathon Pulp Inc. filed a notice of intention under s. 50.4 of the Bankruptcy and Insolvency Act on 13 February 2009 in Ontario, and the proceeding remains active. A Form 78 statement of affairs sworn 24 March 2009 by officer Sue Nakanishi puts assets at $14,481,241.00 against liabilities of $70,842,299.43 as at 13 February 2009, a deficiency of $56,361,058.43. Liabilities comprise $45,739,809.45 in unsecured claims, $14,481,241.00 in secured claims and $670,002.15 in preferred claims, with no contingent or trust claims. National Bank of Canada is shown with term debt of $8,293,603.00 and an operating line of $1,657,643.83. The largest unsecured claims are the pension plan for unionized employees at $11,550,736.96, Kruger Inc. at $11,424,999.77 and Trembec Industries Inc. at $11,379,363.85.