<b>Plainwell Looking for Options</b>

Plainwell Inc. hired an investment banking firm to look at strategic options for the company, including the possible sale of its manufacturing facilities. The company is presently operating under Chapter 11 bankruptcy protection. The banking firm hired by Plainwell is Houlihan Lokey Howard & Zukin.

Plainwell filed for Chapter 11 protection on November 21, 2000. The company operates tissue mills in Eau Claire, Wis., and in Ransom and Pittston, Penn., as well as an affiliate operation in Memphis, Tenn. The company also owns a specialty paper mill in Plainwell, Mich., at which it had ceased operations on November 6, 2000.

According to Gary Hayden, Plainwell’s president and COO, the company's tissue production facilities in particular could be attractive to potential acquirers. ``As tissue suppliers increasingly seek to partner with their national accounts, a key factor is to have production facilities close to their customers' major markets for lower transportation costs and improved logistics,'' he said. ``We believe our Wisconsin and Pennsylvania mills can satisfy this criteria for several organizations.''