Auction for Bankrupt Lincoln Mill to Begin Thursday
PORTLAND, Maine — Bidding on a Lincoln, Maine, paper mill that filed for bankruptcy this year is set to begin.
The auction for Lincoln Paper and Tissue will begin Thursday at 10 a.m. at the offices of law firm Bernstein Shur in Portland. The bidding is starting at $5.3 million. The starting bidder is LP Acquisitions, which is a subsidiary of Reich Brothers of Los Angeles.
Bankruptcy court decided earlier this month to extend the deadline for submitting qualified bids until Nov. 17. Lincoln Paper and Tissue produces specialty tissue for products like party napkins and medical tissues.
Lincoln Paper and Tissue is still operating during the bankruptcy proceedings. The company had about 170 employees in late September.