LINCOLN, Maine — At least four entities have come forward as possible buyers of the Lincoln Paper and Tissue mill, which will be sold in a bankruptcy auction scheduled to take place Thursday.
The mill’s attorney, Sam Anderson, was reviewing the bids, which were due to his office by noon Tuesday. Although Anderson would not reveal the identity of the bidders, he said it appears none are interested in being the mill’s next operator.
The declared intention of the bidders, said Anderson, is “to simply buy the assets and do with them as they see fit. That includes scrapping it. They could also find an operator.”
The auction is scheduled for 10 a.m. Thursday at the offices of Anderson’s law firm, Bernstein Shur in Portland. The bidding will start at $5.3 million for the mill assets, led by the starting bidder, or stalking horse bidder, LP Acquisitions, a subsidiary of Los Angeles-based investor Reich Brothers.
The mill, which employs about 179 workers, sought Chapter 11 protection in late September.
The mill has continued to operate during the Chapter 11 bankruptcy reorganization. Mill co-owner Keith Van Scotter did not immediately return messages seeking comment on Tuesday.
The mill solicited stalking horse bids from 169 different companies, of which 36 entities signed nondisclosure agreements in order to review confidential information about the mill’s operations, officials have said.
Bidders will have several options, including buying the land on which the mill is built.
Bangor Daily News writer Darren Fishell contributed to this report.