Potential buyer could restart GNP mill
The bankruptcy trustee for Great Northern Paper Co. said a few potential buyers for the company’s East Millinocket mill may seek to reopen it for paper production.
The Portland Press Herald reported that bankruptcy Trustee Pasquale “Pat” J. Perrino Jr. is currently evaluating bids for the East Millinocket mill, which also include some potential buyers who would want to sell the mill’s assets as scrap.
Perrino didn’t disclose how many bidders there were, but said he hoped to have an initial bid selected within the next two weeks, which could result in committed buyer.
GNP East Inc., the company that owns the land and buildings at the East Millinocket mill, filed for Chapter 7 bankruptcy in mid-October, claiming between $10 million and $50 million in assets and between $1 million and $10 million in liabilities. GNP Maine Holdings LLC, which owns the mill’s papermaking equipment, filed for Chapter 7 bankruptcy in September, claiming $28.15 million in assets and $65 million in liabilities.
Before the bankruptcy filings, GNP officials had expressed optimism about reopening the East Millinocket mill, which closed down in January and laid off 212 workers the next month.
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