Lynn Tilton, CEO and owner of Patriarch Partners whose investment funds, recently announced the pending sale of the Old Town pulp mill business to Expera Specialty Solutions in a 363 sale under the federal bankruptcy code, according to Lesprom Network. Financial terms of the transaction were not disclosed
The American business woman Lynn Tilton purchased the former Georgia-Pacific mill for $19 million in a bankruptcy auction in 2008 and changed the name to Old Town Fuel & Fiber.
In mid-August this year the mill closed and laid off about 180 workers.
“It is with a heavy heart that we enter into this sale transaction. We invested millions of dollars fighting hard to preserve jobs and a business so critical to the economic health of this region. In the end, the fuel and energy costs required to operate a non-integrated mill in the Maine climate made this an unsustainable business operation for us”, says Hilton, as quoted by Lesprom Network.
