Lincoln Paper and Tissue files for bankruptcy, has bidder lined up for auction

摘要

After a boiler explosion and shut of several paper machines, Lincoln Paper and Tissue filed for Ch 11 bankruptcy protection and expects that the company will be sold in an auction late next month. The auction is to be completed by Nov. 12 and the sale closed by Nov. 27, reports said. Lincoln Paper and Tissue CEO Keith Van Scotter did not name the "stalking horse" bidder for the company's assets or confirm if the buyer, if approved by a bankruptcy judge, would continue to operate the two-machine tissue paper mill in Lincoln, ME. The Lincoln mill makes tissue products for party goods, such as napkins, towels, and table covers.