Appleton Coated today said that it has filed a voluntary state Chapter 128 petition for receivership to allow the company’s operations to continue under the supervision of a court-appointed receiver named by the Outagamie County Circuit Court. Company officials said the petition and appointment of a receiver will allow the company to continue operations under the direction of the receiver, who will lead a process aimed at selling the company’s assets to a buyer who will continue operations. “Despite the best efforts of our employees and ownership group and the introduction of new products, this step is the best option at this point,” said Doug Osterberg, Appleton Coated’s president and chief executive officer. “While the company has made significant progress in diversifying its product offerings and entering new markets, the overall business climate is very challenging, and operating under a state court-appointed receiver is the best route to transition the business to sustained profitability.” He said the company’s bank has agreed to fund operations during the receivership and that the business will continue to operate during the transition. He added the company will be able to pay salary and wages and fund benefits for current employees. Click Read More below for additional detail.
The Old Town mill inches a bit closer to reopening last week, with the announcement that crews accepted the first batch of wood chips needed to restart operations at the mill,
The mill has been closed since 2015, when former owner Expera abruptly shuttered its doors. Last October 15, however, the property was bought by ND Paper LLC, a subsidiary of Nine Dragons Paper of Hong Kong. Nine Dragons Paper is China’s largest producer of containerboard, which most commonly is used in making cardboard boxe.
According to a social media post, more than 400 contractors, as well as newly-hired ND Paper employees, are working hard, testing and retesting equipment and machines to ensure the mill can safely be reopened.
more at: https://www.sunjournal.com/2019/06/20/old-town-mill-takes-another-step-toward-reopening/