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February 14, 2016 3:22 AM ET

Paper and Forest Products

Company Overview of Great Northern Paper Co. LLC

Company Overview

Great Northern Paper Co. LLC manufactures ground wood paper for directory, catalog, book, insert, and newsprint applications. The company was founded in 2011 and is based in Millinocket, Maine. Great Northern Paper Co. LLC is a former subsidiary of Katahdin Paper Company LLC. On September 22, 2014, Great Northern Paper Co. LLC filed a voluntary petition for liquidation under Chapter 7 in the US Bankruptcy Court for the District of Delaware. The US Bankruptcy Court ordered the transfer of bankruptcy case to District of Maine on October 3, 2014.

50 Main Street

Millinocket, ME 04430

United States

Founded in 2011

Phone:

207-723-6537

Fax:

207-723-2492

Key Executives for Great Northern Paper Co. LLC

President
Compensation as of Fiscal Year 2015.

Great Northern Paper Co. LLC Key Developments

Motion for Asset Sale Filed by Great Northern Paper Co. LLC

Great Northern Paper Co. LLC filed a motion in the US Bankruptcy Court for the sale of certain assets on June 17, 2015. The debtor seeks the Court’s approval for the sale of its certain assets to Town of East Millinocket, Maine, the stalking horse bidder, for a purchase price of $1 in cash plus other valuable consideration pursuant to the asset purchase agreement dated June 17, 2015. The debtor’s assets include Waste Water Treatment assets. The sale hearing is scheduled for June 18, 2015.

Final DIP Financing Approved for Great Northern Paper Co. LLC.

The US Bankruptcy Court gave an order to Great Northern Paper Co. LLC to obtain DIP financing on a final basis on December 9, 2014. As per the order, the debtor has been authorized to obtain a credit facility in the amount of $1.2 million from GNP Acquisition LLC. GNP Acquisition LLC is also the stalking horse bidder for purchase of certain assets of the debtor. If the lender is the winning bidder, then no interest, due diligence costs and fees will be charged. The interest component forms a major portion of the break-up fee of $0.2 million. Cohen Tauber Spievack & Wagner P.C. acted as legal advisor for the lender. The US Bankruptcy Court gave an order to Great Northern Paper Co. LLC to obtain DIP financing on an interim basis on November 14, 2014.

Motion for Asset Sale Approved for Great Northern Paper Co. LLC.

The US Bankruptcy Court approved the sale of Great Northern Paper Co. LLC's assets on December 2, 2014. The Court has authorized the Trustee to sell the debtor's assets to GNP Acquisition, LLC, the stalking horse bidder, for a purchase price of $2.6 million pursuant to the asset purchase agreement dated November 12, 2014.

Similar Private Companies By Industry

Company Name Region
New Frontier Firewood, LLC United States
H. E. Westerman Lumber Company United States
Exact Millworks, LLC United States
Glatfelter Pulp Wood Company United States
FutureMark Manistique, Inc. United States

Recent Private Companies Transactions

Type
Date
Target
Merger/Acquisition
June 17, 2015
Great Northern Paper Co. LLC, Waste Water Treatment Assets
 

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