November 13, 2014
Bankruptcy judge ruling to decide GNP’s fate
A federal bankruptcy court judge is expected to rule Friday on a bankruptcy trustee’s motions to sell the former Great Northern Paper Co. mill to a stalking-horse bidder on Dec. 2 if no other bids are received by Dec. 1.
The Bangor Daily News said the motions were filed Wednesday and in a six-page amended filing Thursday at U.S. District Court in Bangor.
Attorney Randy Creswell, representing the bankruptcy trustee, told the BDN that under the proposed process, the prospective buyers will need to submit a minimum bid of $2.9 million, as well as a $1 million deposit and proof they can complete the transaction.
The auction is due to be held at the bankruptcy court at 10 a.m. on Dec. 2.
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