Eastern Pulp & Paper has
obtained new bank financing on favorable terms and also received a $2 million
infusion of new shareholder loans.
Eastern chairman and CEO
Joseph H. Torras, Sr., said Congress Financial, a unit of First Union Corp.,
has agreed to extend the company new financing on attractive terms. The new
credit line helps insure adequate funds for continuing operations through 2001.
The company's financial situation is further improved by the injection of $2
million of additional funds from shareholders, Torras said.
Eastern Pulp & Paper, a
fully integrated pulp and paper manufacturer with operations in northern Maine,
sought Chapter 11 protection on September 22, 2000. It is currently in full
operation at its two papermaking facilities in Lincoln and Brewer.
Explore the February 2001 Issue
Check out more from this issue and find your next story to read.
Latest from Recycling Today
- Equipment from the former Alton Steel to be auctioned
- Novelis resumes operations in Greensboro, Georgia
- Interchange 360 to operate alternative collection program under Washington’s RRA
- Waste Pro files brief supporting pause of FMCSA CDL eligibility rule
- Kuraray America receives APR design recognition for EVOH barrier resin
- Tire Industry Project publishes end-of-life tire management guide
- Des Moines project utilizes recycled wind turbine blades
- Charter Next Generation joins US Flexible Film Initiative
