Investor seeks 'other users' for shuttered GNP mill
The California investor that bought the shuttered Great Northern paper mill in East Millinocket for $5.4 million no longer is marketing the facility to newsprint manufacturers and is seeking “other users” for the site.
The Bangor Daily News reported that Hackman Capital Partners has sold papermaking “systems and components” to “other mills in the region” and is clearing space in the mill’s recycling room for potential tenants. The investor bought the East Millinocket mill at foreclosure auction in December.
Great Northern Paper Co. filed for Chapter 7 bankruptcy last September, citing at least $50 million in debt and more than 1,000 creditors. The former GNP mill, which made newsprint, closed in February 2014, laying off most of its 256 workers. The closure was initially described as a temporary measure while the parent company modified the mill’s business plan in the face of lower market prices for its paper and the rising costs of energy and materials.
Source: Bangor Daily News
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