$5.9 Million Bid Wins Auction for Lincoln Mill, 'Almost Certain' to be Dismantled
PORTLAND, Maine — Gordon Brothers Group, a restructuring and investment firm, has submitted the winning bid to take over Lincoln Paper and Tissue's mill.
An attorney representing the United Steel Workers says it appears that Gordon Brothers will likely dismantle the facility.
The auction, at the offices of law firm Bernstein Shur in Portland, lasted all day Thursday.
There were four bidders vying to take over the Lincoln mill, which went into bankruptcy earlier this year.
Gordon Brothers came out on top, with a bid of $5.9 million, according to the Bangor Daily News.
Jeffrey Young, a partner with the law firm Johnson, Webbert and Young, represents the United Steel Workers, which still has 75 employees working at the mill.
"This is a sad day really for the employees at Lincoln Pulp and Paper," he says. "The mill has been operating, in one form or another, for about 80 years. At least at this point, although its not definite, it appears almost certain that the mill is going to be dismantled and sold to a salvage operation."
A U.S. Bankruptcy Court in Portland still needs to approve terms of the sale. A hearing is scheduled for Friday morning.