The head of the company continues to pursue a 13.6 million dollar investment plan to lift it out bankruptcy, but he’s also talking to at least two buyers for the facility.
Though at this point no offer has been made. A lawyer for the company revealed that information in U.S. Bankruptcy Court in Bangor.
The lawyer was back before a judge to ask for $550,000 to tied the company over until the end of September, a move the judge approved.
A hearing on the multi-million dollar investment plan was actually scheduled for Tuesday, but it was postponed because some of the financing details are still being worked out.
Bob Keach, a lawyer working for Red Shield, says the company will return to court on September 15th. He says by then he’ll know whether the investment plan will go through or the mill will go up for sale.
":We’ve have pretty definite interest from two potential purchasers: one financial and one strategic.": Keach told TV5 Tuesday. ":There have been visits to the mill, there’s due diligence being done by the buyers that suggests a level of seriousness that’s way past the kicking the tires standpoint. And because it is the debtors duty to maximize value for everyone, we will take those considerations seriously.":
Keach says both potential buyers would continue to run the mill the same way it was operating before it shut down.
About 160 workers have been off the job for nearly three months now.
28 people stayed on the payroll to keep the mill ready for start-up, but at least two of those workers have since left the company.