About 160 workers were laid off when the mill shut down in back in June.
The company filed for bankruptcy, and earlier this week an investment firm in New York closed the $19,000,000 deal to buy the facility.
C.E.O. Lynn Tilton says she was drawn to the Old Town facility because of the work being done there to promote biofuels and alternative sources of energy from wood.
Tilton says she feels so strongly about the biofuel potential at the former Red Shield mill, and the ability for it to generate new jobs, that her company bought the mill sight unseen.
Tilton is expected to meet with the University of Maine President, researchers working at the mill, and Governor Baldacci before she leaves the state.