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Article: Loan approved to keep Red Shield on standby

Article from:
Bangor Daily News Bangor, ME
Article date:
August 22, 2008
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OLD TOWN - A loan was approved Thursday to allow Red Shield Environmental to continue to operate in idle mode pending next month's bankruptcy hearing to determine the fate of the facility.

The final bankruptcy hearing was supposed to be held Wednesday, but was postponed until Sept. 2 to give all the parties involved time to iron out some details regarding the financing, Red Shield attorney Bob Keach of Portland said.

If approved by a bankruptcy judge, a longer-term financing agreement would allow Red Shield Environmental LLC and its affiliate, RSE Pulp & Chemical, to borrow $13.6 million from Woodside Capital Partners of Massachusetts. The out-of-state company ...

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