Assets formerly belonging to Lincoln Paper and Tissue, have been purchased by a joint venture comprised of Capital Recovery Group, PPL Group and Rabin Worldwide. Lincoln Paper had filed for bankruptcy earlier this year.
The venture partners made some statments about the acquisition:
"Our purchase of this mill provides a significant opportunity for a strategic operator to restart the mill. In the event an operator does not materialize, we will provide buyers with the chance to purchase some highly desirable, late model paper and tissue equipment," stated Bob Maroney, President of the Commercial & Industrial Division of Gordon Brothers Group.
"We are investing capital to maintain a warm idle and would like nothing more than to have an operator restart the plant and create jobs," said Bill Firestone President of CRG.
The initial bankrupty filing occured due to a series of unfortunate events stemming from a 2013 boiler explosion and the "subsequent loss of a major customer." In the wake of the event, the company strived to make improvements to the business yet met headwinds due to competitive forces. The "strategic desicion to file" was then made.
To contact Lincoln Paper or for sales inquiries, you are asked to contact them via email at [email protected] or by phone at (617) 422-1903.
