Owner of Rumford Mill Files for Bankruptcy Protection

Updated 3 years ago

The owner of the paper mill in Rumford, which employs about 900 people, has filed for Chapter 11 bankruptcy protection, but no layoffs are expected there. In a statement posted on the NewPage Corp. website, the company says it has begun the process to reorganize its debt in order to position its business for long-term success. Chapter 11 allows a business to restructure its debt, free of the threat of lawsuits filed by its creditors. A letter from NewPage’s President says the company has secured 600-million dollars in financing which will allow the corporation to operate normally. Motions have been filed that would allow NewPage to continue its employee wages and benefits programs.