Highland Capital Management, L.P. and Marcal Paper Mills, Inc. have reached an agreement in principle with the Environmental Protection Agency and U.S. Department of Justice to settle all federal environmental claims and liabilities with respect to releases of contaminants allegedly affecting the Lower Passaic River Study Area. This agreement will be published for public comment.
With this agreement, one of two major remaining closing conditions for Highland Capital’s proposed transaction to become the majority owner of the assets of Marcal has been satisfied. Before the transaction can close, an agreement also must be reached with the New Jersey Department of Environmental Protection regarding the state’s Industrial Site Recovery Act and other applicable New Jersey laws.
Marcal operates tissue and towel mill at its Elmwood Park, N.J., and Chicago. The company produces more than 160,000 tons of finished paper products.
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