Old Town Fuel and Fiber Sold

 

Old Town Pulp and paper has been purchased and will be reopening soon, providing up to 180 jobs. That's according to the spokesperson from Expera Specialty Solutions, the Wisconsin company who acquired it. Some 200 employees were laid off in August when the mill closed. The owners blamed the high cost of wood and energy and foreign competition for the decision. The following is a copy of the press release issued today by Expera.

 

EXPERA SPECIALTY SOLUTIONS, LLC ANNOUNCES

AGREEMENT TO ACQUIRE OLD TOWN FUEL & FIBER

Kaukauna, WI: November 11, 2014: Expera Specialty Solutions, LLC (“Expera”), a portfolio company of KPS Capital

Partners, LP, announced today that it has entered into a definitive agreement to acquire certain assets related to the Old

Town Fuel & Fiber pulp mill (“Old Town” or the “Business”) from its senior secured lender. Expera expects to complete

the transaction as part of a sale process under Section 363 of the United States Bankruptcy Code. Financial terms of the

transaction were not disclosed.

Old Town is a high-quality pulp mill with the capacity to produce more than 200,000 tons annually of Northern Bleached

Kraft pulp. The Business was founded more than a century ago and is located in Old Town, ME. The Business closed

this past August, which left the mill shut down indefinitely. Expera intends to invest significant additional capital and

resources into Old Town to ensure the highest level of production quality and capacity.

Russ Wanke, Chief Executive Officer of Expera, stated, “A combination of Expera and Old Town will significantly

strengthen both businesses. In particular, the combination will increase Expera’s vertical integration into pulp and reduce

Old Town’s go-forward commercial risk by becoming part of Expera, a financially strong enterprise, that serves stable and

growing end markets and possesses a dedicated base of long-term customers rather than as a standalone enterprise.”

Governor Paul R. LePage of Maine stated, “I am honored to welcome Expera to Maine. We appreciate their investment

and determination to get this facility back up and running as quickly as possible. The Old Town facility combines a

valuable asset with tremendously knowledgeable and hardworking Mainers who are eager to get back to work. My

administration will continue working with Expera as they move forward. This is terrific news for the future of Maine’s forest

products industry.”

US Senator Susan Collins of Maine commented, "This is encouraging news for Maine's forest products industry and for

the workers in the Old Town area who lost their jobs earlier this year. While there is much work to be done before this

sale is finalized and people are brought back to work, I applaud the efforts of Expera Specialty Solutions and all those

involved in this effort.”

US Senator Angus King of Maine additionally expressed, "This is great news for the Old Town area and the State of

Maine. Expera will find a great workforce with deep experience at this mill who I'm sure will be happy to get back to work

doing what they have done so well over the years."

Completion of the transactions is expected to occur during the fourth quarter of 2014, subject to customary closing

conditions.

Paul, Weiss, Rifkind, Wharton and Garrison LLP and Pierce Atwood LLP served as legal counsel to Expera and KPS.

About Expera

Expera is a leading North American manufacturer of specialty paper products for use in the pressure-sensitive release liner, industrial

and food packaging segments. Headquartered in Wisconsin, Expera employs approximately 1,800 people across four manufacturing

facilities located in Rhinelander, WI, Mosinee, WI, Kaukauna, WI, and De Pere, WI. Additional information regarding Expera, its

manufacturing facilities and its product offerings can be found at www.experaspecialty.com.

About KPS Capital Partners, LP

KPS is the manager of the KPS Special Situations Funds, a family of investment funds with more than $5.7 billion of assets under

management. KPS seeks to realize significant capital appreciation by making controlling equity investments in companies across a

diverse range of manufacturing industries experiencing a period of transition or challenged by the need to effect immediate and

significant change. The KPS investment strategy is based primarily upon partnering with world-class management teams to effect

material and sustainable improvements in the operations of its businesses. Thereafter, KPS focuses on growing its businesses, both

organically and through strategic acquisitions. KPS portfolio companies have aggregate annual revenues of approximately $6.2 billion,

operate 102 manufacturing facilities in 26 countries, and employ more than 46,000 associates, directly and through joint ventures

  

 

Augusta Police Chief confined to wheelchair

   The Augusta community is rallying behind its police chief as he prepares to return home after weeks spent recovering from a terrible motorcycle accident.

    Robert Gregoire, 49, suffered a serious spinal cord injury in the September 6th accident.

    After two months at a rehabilitation facility the chief is set to return home later this month. He is currently confined to a wheelchair and it is unknown whether he will be able to walk again.

    Efforts are underway to either find or build a new home that can be made handicapped accessible.

    People wishing to donate can go to www.gofundme.com.

    A dinner also is planned for November 24 at the Red Barn Seafood Restaurant in Augusta.

Campaign Signs Raising Money for Charity

HAMPDEN - It's been almost a week since election season wrapped up, meaning political ads have left our televisions, and those campaign signs are starting to disappear. For one senator he's taking advantage of the week long disposal of the signs, making a proposal to other candidates to help raise money for charity.

Horses in Need of Home

BANGOR - Norman Murray has been training and taking care of horses for over 60 years.

Stolen pot

Two Ellsworth High School students are accused of stealing thousands of dollars worth of medical marijuana.

School officials say they received a tip and then discovered 11 jars of marijuana inside one of the students vehicles.

Ellsworth detective, Dotty Small tells us it was a day later when a local resident discovered someone had broken in and stole his marijuana plants.

Police say the pot has a street value of $5 thousand dollars.

18 year old Austin Hamilton and a 17 year old juvenile are now charged with burglary and theft.

Additional charges are pending.

 

Traffic Violation Leads to Drug Bust

A traffic stop in Auburn leads to a major drug seizure and arrest.  Oleq Spektorov, 29, of Boston, MA, was pulled over by Officer Jospeh Milville for his tail light being out.  As the officer approached the car, he noticed an overwhelming odor of marijuana coming from Spektorov's car.  During a search, Officer Milville discovered 41.6 pounds of marijuana in the trunk.

 

Spektorov tried to claim he was a Medical Marijuana Caregiver but had no proof or reason as to why he was carrying the drugs.  Oleg Spektorov was arrested for aggravated trafficking and unlawful possession of a scheduled drug.  He was transported to the Androscoggin County Jail and released after posting his $25,000 bail.  His next scheduled court appearance is December 30th, 2014

Music and dance fundraiser

  A fun event will be held at the Hollywood Casino this weekend for a very important purpose.

It's a fundraiser to help Lindsey Neagle who lost her husband Josh last month following a battle with brain cancer.

To help offset the cost of staggering medical bills and other expenses, their friends have organized a special dinner with dancing.

Mike Dow has donated his dj-ing services and the casino is providing the venue at no cost to help the young wife during this difficult time.

The dinner will be held this saturday from 6 until 10 at hollywood casino.

The cost is $50 dollars a person or $75 dollars per couple.

To buy tickets or for more information visit neaglebenefit.brown paper tickets.com.

You can also visit the "A celebration of Joshua's life" page on Facebook.

Or call Melissa Gibboni at 609-705-3175. 

Election recounts

The election may be over, but not all the results are final.

The Secretary of States Office reports that three recounts will be held to determine the winners in three legislative races.

Two are in southern Maine and the third is in Waldo County .

Incumbant Mike Thibodeau won the race by 115 votes over democrat Jonathan Fulford.

Thibodeau has since been nominated to become the next Senate president, but Fulford wants another look a the ballots.

The other two races include Senate district 21 in Lewiston where democrat Nathan Libby won by 64 votes and in senate district 25 in Cumberland County where democrat Catherine Breen won by just 7 votes.

They'll be held under lock and key at the Department of Public Safety until the recount gets underway at 9:00 Friday morning.

Get the App on the Google Play Store

What's On Tonight

Fox Bangor

8:00 PM

MasterChef Junior

9:00 PM

Hell's Kitchen

10:00 PM

Fox 22 News at 10

11:00 PM

Bones

WVII

8:00 PM

Last Man Standing

8:31 PM

Cristela

9:00 PM

Shark Tank

10:01 PM

20/20

11:00 PM

ABC 7 News @ 11

11:35 PM

Jimmy Kimmel Live

Latest Tweets