They discovered one out of Great Northern Paper.
$16 MILLION FOR THE DAYвЂ™S WORK
Cate Street Capital bought the difficult paper mill in East Millinocket for $1 from Brookfield resource Management and two months later came back 200 employees for their jobs paper that is making. As a title because of its brand brand new papermaking subsidiary, Cate Street resurrected the fantastic Northern Paper moniker, made famous by the initial business bearing that name that built the East Millinocket mill in 1906 and operated it for pretty much a century before filing for bankruptcy.
The mill had been a major company in the Katahdin area regarding the state, a place beset with a high poverty and few job opportunities. Cate Street stated it had invested significantly more than $30 million on the mill since its purchase, like the purchase of the high-interest ten dollars million loan, however it required more cash for improvements making it more competitive within an market that is increasingly international.
Stonehenge Community Development and improved Community Development each promised $20 million for a total investment of $40 million. Because neither of the entities decided to talk about the offer, it is not yet determined how they became associated with Great Northern Paper. (what the law states initially capped individual assets at ten dollars million, however it had been later on amended during the demand of Cate Street, that also desired to make use of the system to increase funds for the next subsidiary, Thermogen, allowing assets as much as $40 million if the task guarantees to produce or retain at the least 200 jobs.)