They found one out of Great Northern Paper.
$16 MILLION FOR THE DAYвЂ™S WORK
Cate Street Capital bought the distressed paper mill in East Millinocket for $1 from Brookfield resource Management as well as 2 months later came back 200 employees for their jobs making paper. Being a title for its brand new papermaking subsidiary, Cate Street resurrected the truly amazing Northern Paper moniker, made famous because of the initial business bearing that name that built the East Millinocket mill in 1906 and operated it for almost a century before filing for bankruptcy.
The mill ended up being a major boss in the Katahdin area associated with state, a location beset with a high poverty and few job opportunities. Cate Street stated it had invested significantly more than $30 million regarding the mill since its purchase, such as the purchase of a high-interest ten dollars million loan, however it required more income for improvements to really make it more competitive in a market that is increasingly international.
Stonehenge Community Development and Enhanced Community Development each promised $20 million for the investment that is total of40 million. Because neither among these entities decided to talk about the offer, itвЂ™s not yet determined the way they became a part of Great Northern Paper. (what the law states initially capped individual assets at ten dollars million, however it ended up being later on amended during the demand of Cate Street, that also desired to utilize the program to improve funds for the next subsidiary, Thermogen, to permit assets as much as $40 million in the event that task guarantees to produce or retain at the very least 200 jobs.)