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October 3, 2014

Maine AG seeks relocation of GNP case

The Maine attorney general and the towns of Millinocket and East Millinocket have joined the call to relocate the bankruptcy case of Great Northern Paper Co. from Delaware to Maine, where a majority of its 1,159 creditors are located.

The Bangor Daily News reported that three Maine businesses listed as GNP creditors have already filed motions to relocate the case to Maine. But GNP’s bankruptcy trustee, Charles A. Stanziale Jr., said he will push against efforts to relocate the case, adding that most cases he administers in Delaware are rarely located there.

GNP filed for Chapter 7 bankruptcy in a Delaware court last week, with at least $50 million in debt. The move that will allow the company to sell and liquidate its assets in order to pay off debt to its more than 1,000 creditors listed in the filing.

Read more

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