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Red Shield Sold 

The Red Shield Environmental mill has been sold.

On Thursday, a U.S. bankruptcy judge in Portland approved the sale to a private investment firm.

The buyer is Patriarch Partners, which is based in New York City.

The price tag, nearly $19,000,000, is about seven million more than the initial bid.

Governor Baldacci’s office says he spoke with the company’s c.e.o. Lynn Tilton, and got a good feeling from the conversation.

About 160 workers have been without a job since the mill’s shutdown in June.

The governor’s office says they expect Patriarch Partners to close on the sale early next week.

After that they will gradually ramp up the mill and start bringing employees back.