October 23, 2008
Red Shield sold
Bob Keach, the lawyer representing Red Shield, will announce the buyer for the former pulp mill in U.S. Bankruptcy Court in Portland today. The court must approve the bid before the sale can proceed, according to the Bangor Daily News. Keach did not return phone calls from Mainebiz prior to deadline.
The minimum bid for the Old Town facility was $11.5 million, and at least one company as of yesterday morning, Whitebox Red Shield, had bid the minimum, according to WCSH6. Red Shield filed for Chapter 11 bankruptcy in June and laid off 160 employees. Read more on Red Shield.
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