Red Shield financing delayed
A court hearing that could allow Red Shield Environmental to borrow funding from an investor and restart its idled mill has been delayed until Sept. 2.
The delay will allow creditors affected by Red Shield's Chapter 11 bankruptcy filing in June to resolve their financing issues and weigh in on the case, the Bangor Daily News reported. Meanwhile, the mill is hoping to borrow another $220,000 to keep it idling for the extra days.
Red Shield is hoping to borrow $13.6 million from Woodside Capital Partners in Massachusetts to reopen and continue with its plans to build an ethanol production plant in conjunction with the University of Maine, the paper reported. It was forced to close when it said wood chip and fuel costs soared in the last few months.
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