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The Madison money trail: How TimberHP got into financial trouble — and how it aims to reset

Renee Cordes Updated: April 21, 2025

Currently operating with 54 employees, the insulation manufacturer is seeking to lessen its debt via a voluntary, pre-negotiated Chapter 11 reorganization plan filed in U.S. Bankruptcy Court in Delaware.

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Today's Poll

Do you rent or own a home?
Poll Description

Maine's housing shortage is fueling the cost of buying a home. In March, Maine's median home price was $381,500, up 9% from a year ago, according to Maine Listings. In Cumberland County, including the Portland area, the median sales price was $565,000 last month. 

Higher prices are also putting pressure on the rental market. Young people, singles and families new to Maine are looking to get rentals, but so are potential home buyers who can't find a home in their price range. Higher interest rates are also an issue.

As a place to rent, Maine ranks No. 13 in the U.S., with average monthly rents reaching $1,971, according to a new Ipsos iSay survey of American renters.

With so many people shut out of buying a home, we're curious what alternatives people are finding. 

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Women's Leadership Forum 2025

The Mainebiz Women's Leadership Forum brings together a panel of women executives to share their unique experiences and perspectives on leadership through personal stories and key learnings.
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Westbrook company restores antique windows in historic buildings around the state
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Bangor chamber hands out honors in 8 categories
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Historic preservation completed for a midcoast music school’s permanent home
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2024 Fact Book: Doing Business in Maine

Fact Book: Doing Business in Maine showcases Maine's many economic development opportunities and the attributes that make Maine a special place to work, live and play. For companies in Maine, and for companies who are looking to relocate or expand into Maine, the Fact Book: Doing Business in Maine is a great resource on Maine market stats and facts. Mainebiz has expanded the information we provide to give company owners and senior managers data and statistics from sources on a national, statewide, regional and local basis to provide the business community with a clear picture of the Maine marketplace.
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