RED SHIELD FILES FOR BANKRUPTCY

Updated 6 years ago

MORE THAN 150 WORKERS LAID OFF FROM THE RED SHIELD PLANT IN OLD TOWN HAVE BEEN WAITING TO RETURN TO WORK FOR MORE THAN TWO WEEKS NOW.

NOW, THEY’LL HAVE TO WAIT EVEN LONGER.

THE HEAD OF RED SHIELD SAYS THE COMPANY WILL FILE FOR CHAPTER 11 BANKRUPTCY THURSDAY, TO RE-ORGANIZE ITS FINANCES.

RED SHIELD BURNS WOOD TO GENERATE ELECTRICITY THAT’S SENT TO A GRID.

IT SHUT DOWN MORE THAN TWO WEEKS AGO AFTER COMPANY OFFICIALS SAID THERE WAS A SHORTAGE IN WOOD SUPPLY.

CHAIRMAN ED PASLAWSKI TELLS TV 5 SINCE RED SHIELD PURCHASED THE PROPERTY FROM THE GEORGIA PACIFIC PAPER COMPANY IN 2006, WOOD AND FUEL PRICES HAVE MORE THAN DOUBLED.


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