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Article: Red Shield bankruptcy hearing postponed again

Article from:
Bangor Daily News Bangor, ME
Article date:
September 13, 2008
Author:
Copyright

OLD TOWN - A bankruptcy hearing for Red Shield Environmental LLC has been postponed for a third time.

The hearing, which had been rescheduled for Monday, Sept. 15, in Bangor, now will take place at 10 a.m. Tuesday, Sept. 23, in Portland. U.S. Bankruptcy Court Judge Leron H. Kornreich approved the postponement Friday.

The hearing will determine whether Red Shield and its subsidiary RSE Pulp & Chemical LLC will be approved for $13.6 million in funding to restart the Old Town facility, which has been idle since Red Shield filed for bankruptcy in June.

The proposed lender is Woodside Capital of Burlington, Vt.

Red Shield chief executive officer Ed Paslawski said the company needs another week to ...

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