Cate Street asks for meeting with Millinocket leaders
Cate Street Capital, the New Hampshire-based investment firm that purchased two closed paper mills in the Millinocket area in 2011, is expected to meet with Millinocket town leaders in a closed-door meeting today.
The Bangor Daily News reported the meeting will happen after officials from Gov. Paul LePage’s economic advisory team met with Millinocket’s town manager and Town Council on Thursday in a closed-door meeting. LePage on Tuesday said he hoped to make progress this week on reopening the Cate Street’s East Millinocket mill.
Richard Angotti Jr., chairman of the Millinocket Town Council, told the newspaper he couldn’t elaborate on what will be discussed during the meeting because it will happen in executive session. He said he was unsure whether the council will take a vote after coming back into public session.
Great Northern Paper Co., the company Cate Street created when it bought the Millinocket and East Millinocket mills, currently owes Millinocket $2.3 million and East Millinocket $657,900 in delinquent property taxes. While Millinocket has filed a tax lien against GNP, East Millinocket is still considering whether or not to file its own lien against the company.
Cate Street has said the liens will interfere with its efforts to restart the East Millinocket mill and open a $140 million wood pellet mill in Millinocket.
In addition to the delinquent property taxes, GNP’s plans to sell mill equipment from its Millinocket facility is causing the town to make deep cuts in its budget. East Millinocket also is facing deep budget cuts and could face greater financial duress if GNP’s mill there doesn’t reopen by September.
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