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Knight-Celotex, a fiberboard manufacturer in Lisbon Falls, has filed for Chapter 11 bankruptcy after its accounts were frozen last week by Bank of America.
"We believe that filing for Chapter 11 protection provides us with the best opportunity to protect our employees and our operations, while fulfilling our obligations to our customers, vendors and the communities in which we operate," James Knight, chief executive officer of Knight-Celotex, said in a statement, according to the Sun Journal. The company maintained positive cash flow and paid all principal and interest on time throughout 2008, but Bank of America chose not to renew the company's credit facilities and froze its accounts. It was unclear how many people are employed at the Lisbon Falls plant.
The world's largest fiberboard manufacturer, Knight-Celotex of Northfield, Ill., also has operations in Sunbury, Pa., and Danville, Va., the paper reported.
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Learn moreThe Giving Guide helps nonprofits have the opportunity to showcase and differentiate their organizations so that businesses better understand how they can contribute to a nonprofit’s mission and work.
Work for ME is a workforce development tool to help Maine’s employers target Maine’s emerging workforce. Work for ME highlights each industry, its impact on Maine’s economy, the jobs available to entry-level workers, the training and education needed to get a career started.
Whether you’re a developer, financer, architect, or industry enthusiast, Groundbreaking Maine is crafted to be your go-to source for valuable insights in Maine’s real estate and construction community.
Coming June 2025
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