INVESTOR GROUP POISED TO BUY CLOSED MILLS

September 15, 2011 in Articles

Author: Associated Pres
Publication: Kennebec Journal

INVESTOR GROUP POISED TO BUY CLOSED MILLS
The Associated Press

MILLINOCKET — A New Hampshire-based investor group is poised to complete its purchase of a pair of idled Maine paper mills in Millinocket and East Millinocket.


Richard Cyr from Cate Street Capital of Portsmouth, N.H., says a deal will be completed by early Friday. The purchase price wasn't disclosed.

Cyr, who will serve as the new company's chief executive officer, told the Bangor Daily News that he plans to ship paper by Oct. 30.

All of the dominoes have fallen so far.

East Millinocket and Millinocket town leaders voted Tuesday to approve property tax deals with Cate Street. Unionized workers in East Millinocket accepted a five-year contract Wednesday night. And state lawmakers helped by approving the purchase of contaminated landfill viewed as an obstacle to the deal.

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