Two potential buyers emerge for GNP mill
Two more potential buyers of the Great Northern Paper Co. mill in East Millinocket were revealed ahead of a court-mandated deadline on Monday for accepting purchase offers.
The Bangor Daily News reported that a subsidiary of Montreal-based AIM Development and South Carolina-based packaging company Sonoco are two of 12 potential buyers. The deadline for bids was at 11 a.m. on Monday, with a Tuesday hearing to follow.
The newspaper noted that AIM has previously purchased a former Verso mill in Minnesota and demolished the site for redevelopment, while Sonoco produces recycled paperboard and other packaging products.
Four of the 12 potential buyers are reportedly interested in restarting the mill, which laid off nearly 250 people in February and resulted in the town losing its largest taxpayer after shutting down. Mark Scally, chairman of East Millinocket Board of Selectmen, said residents hope the mill will be restarted by a company in the papermaking businesses.
A “stalking horse” bid of $2.9 million was made last month by GNP Acquisition, a company formed by the president of the mill’s auction and appraisal firm Capital Recovery Group. If a higher bidder does not emerge, GNP Acquisition will purchase the property, though its plans are currently unknown.
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