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Article: $13.6M loan to help restart Red Shield

Article from:
Bangor Daily News Bangor, ME
Article date:
July 29, 2008
Author:
Copyright

OLD TOWN - An investment company has agreed to lend Red Shield Environmental and RSE Pulp & Chemical $13.6 million to repay the companies' existing debt and fund the restart of the mill, an attorney representing Red Shield said Monday.

Red Shield and RSE filed Chapter 11 last month and laid off about 160 employees. Company officials blamed recent and significant spikes in material and fuel costs for Red Shield's financial troubles. Court documents filed Friday show that liens totaling more than $10 million have been filed against the companies.

A hearing on the financing agreement proposed by Woodside Capital Partners of Massachusetts is scheduled for Wednesday, Aug. 20, at U.S. Bankruptcy ...

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