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.
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