Great Northern in $50 million land swap
Pulp & Paper, Oct 2002
UNCOATED GROUNDWOOD
Great Northern Paper Inc. andThe Nature Conservancy recently reached a deal that helps the financially struggling paper company by reducing its debt and also preserves forestland around Mount Katahdin near Millinocket, Maine. The nonprofit conservation group agreed to take over a $50-million mortgage held by Great Northern with John Hancock Financial Services and would pay off $14 million of the debt. The Nature Conservancy would then refinance the remaining $36 million at about half the interest rate being paid by Great Northern that would then repay the $36 million in monthly payments to the Nature Conservancy. In return, Great Northern will place a conservation easement on 200,000 acres of forestland around Mount Katahdin, which will guarantee public access, traditional recreational uses, sustainable forestry, and no future development. In addition, the company will transfer 41,000 acres in the Debsconeag Lakes wilderness area to The Nature Conservancy.
Most Recent Business Articles
- Your feedback
- Why fly solo when an executive assistant can accelerate your CLNC® business?
- The CLNC® mentors held the key to my first case and to my CLNC® success
- Atlanta CLNC® 6-day certification seminar photo galleryplus sign up today for spring 2009 to save $100.00
- Announcing the 2009 NACLNC® conference keynote speaker, Stedman Graham: move like a maverick for breakaway CLNC® success at the 2009 NACLNC® conference
Most Recent Business Publications
Most Popular Business Articles
- Using object-oriented analysis and design over traditional structured analysis and design
- Big Fish Games Migrates Upstream to Fisher Plaza; High Growth Online Gaming Firm Vaults Fisher Plaza Occupancy Rate Above 90%
- Top of the line: some of the world's most well-respected doctors practice in South Florida. A guide to choosing the best physician specialists - Top Doctors in South Florida
- Sand filter basics: high-rate sand filters can be confusing for those new to the business. Understanding valve modes is the key
- BEHR Paints Introduces a Colorful New Way to Paint and Prime All in One with BEHR Premium Plus Ultra™ Interior

