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Article: Red Shield financing delayed
- Article from:
- Bangor Daily News Bangor, ME
- Article date:
- August 21, 2008
- Author:
CopyrightCopyright 2008 Bangor Daily News Bangor, ME. Provided by ProQuest LLC. (Hide copyright information)
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OLD TOWN - Employees at Red Shield Environmental will have to
wait until September to learn the fate of the mill that they were
hoping would be restarted by the end of this month.
A hearing scheduled Wednesday to determine whether a financing
agreement that would allow Red Shield to borrow $13.6 million from
Woodside Capital Partners of Massachusetts has been postponed until
Sept. 2.
"The continuance is an opportunity for all the parties to try and
resolve some things relating to the financing," Red Shield attorney
Bob Keach of Portland said Wednesday.
After filing for Chapter 11 bankruptcy in June, Red Shield and
its affiliate, RSE Pulp & Chemical LLC, received permission in late
July to ...