December 1, 2011
| last updated December 1, 2011 10:12 am
FAME loans $1M to Katahdin mill
The Finance Authority of Maine has loaned $1 million to the new owner of the Katahdin Paper Co. mills to help restart operations at the East Millinocket facility.
FAME's board approved a direct loan of $1 million to Great Northern Paper to help the company make personal property tax payments due to the towns by the end of 2011, The Associated Press reported. In September, New Hampshire-based Cate Street Capital, operating as Great Northern Paper, bought the mill and its sister facility in Millinocket from Brookfield Asset Management for an undisclosed price. The following month, it resumed operations at the East Millinocket facility and recalled about 215 employees. The fate of the Millinocket mill, shuttered since 2008, is still uncertain, according to The AP.
FAME approved the loan in mid-November.