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May 2, 2011

Katahdin mills owner extends deadline

By The Mainebiz News Staff

The owner of two shuttered Katahdin Paper Co. mills in northern Maine has given the state another 90 days to find a buyer for the properties before it disassembles them.

Toronto-based Brookfield Asset Management initially said it could begin dismantling the mills in Millinocket and East Millinocket as early as June, but has extended that to July 31, according to the Bangor Daily News. The company was in negotiations to sell the mills to San Francisco-based investment firm Meriturn Partners with a deadline of April 29, but that deal fell through earlier last month. Brookfield also filed a notice to officially close the East Millinocket mill, which has been temporarily idled since April 1, by April 22. The Millinocket mill has been closed since 2008.

Brookfield previously suggested that the state buy the mills for $1, but the state has not responded to that request.  Gov. Paul LePage will meet with area officials this week.

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