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Article: Red Shield gets loan to pay laid-off workers
- Article from:
- Bangor Daily News Bangor, ME
- Article date:
- July 18, 2008
- Author:
CopyrightCopyright 2008 Bangor Daily News Bangor, ME. Provided by ProQuest LLC. (Hide copyright information)
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Red Shield Environmental LLC and RSE Pulp & Chemical LLC got
final approval in U.S. Bankruptcy Court on Wednesday to borrow
roughly $1.25 million to help pay laid-off employees, who could be
back at work in the next two weeks.
Lawyer Robert Keach of Portland said Red Shield, which filed for
Chapter 11 bankruptcy protection after its Old Town pulp
manufacturing plant closed down last month, is in "active
negotiations" for investment capital with three companies, two of
which seem to be more serious financial sources. All three are
private equity firms.
Red Shield could be back in court next week, Keach said, and
announce a deal that would reopen the facility, which shut down June
6. The ...