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Great Northern Paper owes $65 million, holds assets of $28.15 million, according to bankruptcy filings

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Great Northern Paper owes $65 million, holds assets of $28.15 million, according to bankruptcy filings

October 03, 2014 - 10:58

BANGOR, ME, Oct. 3, 2014 (Bangor Daily News) -The company that owns the East Millinocket paper mill owes $65 million to its creditors but has just $28.15 million in assets, according to filings in U.S. Bankruptcy Court in Delaware, Maryland.

The money owed to companies and individuals that have secured claims either through liens or court judgments totals $42.34 million, including $20 million owed to Stonehenge Community Development of Baton Rouge, Louisiana, and $20 million to Enhanced Capital New Market Development Fund of New Orleans, Louisiana, which hold mortgages on the mill.

Unsecured creditors are owed $22.6 million.

Bangor Daily News - GNP owes $65 million, holds assets of $28.15 million, according to bankruptcy filings

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