Tribe explores Moosehead Furniture buy
The Passamaquoddy Tribe is looking into purchasing the bankrupt Moosehead Furniture Co. in Monson and restarting its operations.
Tribal leaders are in the midst of determining the feasibility of the furniture company, resuming manufacturing there and also opening a pellet mill, according to the Bangor Daily News. Once the feasibility study has concluded, the tribe will decide whether it should move forward with the purchase of the company, a decision that could happen in three or four weeks. The tribe has already applied for $500,000 in grants from both the U.S. Department of Agriculture and the Maine Department of Economic and Community Development.
Moosehead Furniture, formerly Moosehead Manufacturing, filed for Chapter 11 bankruptcy protection in January, minutes before an auction to liquidate its assets was scheduled to commence. The Passamaquoddy Tribe is looking to present a purchase-sale agreement to stop the bankruptcy proceedings.
Go to the article from the Bangor Daily News >>
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