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October 21, 2008

$11.5M bid for Red Shield

By The Mainebiz News Staff

A company called Whitebox Red Shield made a starting bid of $11.5 million for the bankrupt Red Shield Environmental mill in Old Town.

The bidding deadline closed Monday at 5 p.m. Red Shield attorney Robert Keach told Portland news station WCSH 6 that he received several bids, but would not specify how many. Red Shield filed for bankruptcy in June and last month agreed to be sold at auction. The auction is scheduled for Wednesday at 10 a.m., the news station reported.

News station WLBZ2 in Bangor reported last month that one of the companies interested in the mill was Whitebox Advisors in Minnesota, which also had been involved in restructuring the company. Neither Keach nor Whitebox Advisors returned a phone call before deadline to verify whether this was the same company that made the $11.5 million bid.

 

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