The motion by Global Tissue to sell its assets to American Tissue follows the company filing with the U.S. Bankruptcy Court for the District of Delaware July 17 for voluntary relief under Chapter 11 bankruptcy. Meanwhile, the company also entered into a Purchase Agreement with ATM on July 14 as a way to preserve the value of the mill assets.
While Global Tissue struggled for more than a year, as consistent pricing pressures, a steep increase in fiber prices and ongoing repair and capital expenditures were mandated to make the mill successful.
Despite sharply cutting back its business, its majority customer eliminated Global Tissue as a supplier. Due to the company's inability to find a replacement customer, the mill shut down operations this past May.
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