The suspense is not completely over for Appleton Coated and its 620 employees.
The struggling paper mill’s sale to Industrial Assets Corp., a used machinery dealer based in Los Angeles, progressed in a six-hour marathon hearing Monday before Outagamie County Circuit Court Judge Gregory Gill.
“I’m not going to take any action,” Gill said late Monday. “We have definitive things in place but we’re not at the finish line.”
Lawyers have a maximum of five days to hash out the details of a hybrid agreement that states Industrial Assets will pay $20 million for Appleton Coated and at the same time market the mill as an ongoing operation for 45 days.
Mark Freedlander, an attorney for Industrial Assets, said “we have reached an agreement and we are responsible for marketing the entity as a going concern.”
They will run the mill’s machines 6 and 7 with 135 hourly steel workers and 60 salaried employees, Freedlander said.
“We are not willing to fund operating losses,” Freedlander said.
PNC Bank will be paid in full next week. Wages and insurance will remain in place. Staffing will be based on qualifications, not seniority, he said.
The modified purchase agreement still has details to be worked out, including transition agreements, the budget and other terms of the purchase.
more at: http://www.postcrescent.com/story/news/2017/09/25/deal-appleton-coated-draws-near-following-lengthy-hearing/699740001/