Court to liquidate Eastern Paper
Pulp & Paper, Mar 2004
The future of two Eastern Pulp and Paper Corp. mills in Maine remained uncertain as a state loan to restart one mill failed, and a U.S. bankruptcy judge shifted the company's status to Ch. 7 liquidation, according to local press reports.
The bankruptcy judge in Portland, Maine, plans to appoint a trustee to explore selling the mills together or separately, or allowing creditors to dismantle the mills and sell assets, the Bangor (Maine) Daily News said.
This followed earlier reports that two potential buyers were interested in the mills. The bankruptcy judge's Feb. 5 ruling appeared to negate a plan to restart the mills by Eastern Paper, which called the latest three-week shutdown "temporary."
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