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MIRAMICHI, N.B. - A New Brunswick judge will examine the latest efforts to salvage the Miramichi-based Atcon Group of companies today.
Earlier this month, seven of the companies were placed under creditor protection, while another five were put into receivership.
Last week, court-appointed monitor Ernst and Young and one of the company's creditors asked the court to move one of the companies - Atcon Industrial - into receivership, terminate the remaining 50 to 100 employees, and sell the assets.
But Justice Thomas Riordon said he wanted to give every opportunity to find a better solution.
In an affidavit filed with the court Friday, Atcon owner Robbie Tozer says he's working on a restructuring plan but says it will take several weeks or longer to finalize.
Atcon owes its creditors about $250 million, and the provincial government has invested $72.5 million in the companies in recent years, including $50 million in loan guarantees last summer.
