NEW YORK (AP) — Sears filed for Chapter 11 bankruptcy protection Monday, with plans to shutter 142 unprofitable stores in the hopes that it can stay in business. The question now is whether a smaller version of the company that once towered over the American retail landscape can be viable. Sears, which started as a […]
Chapter 11
Posted inConnections, Lewiston-Auburn
Tommy’s Feral Feline Friends to host bake sale, bottle drive
LEWISTON — Tommy’s Feral Feline Friends is looking for donations of cash, recyclable bottles and baked goods for its Purrrfect Christmas Bake Sale on Saturday and Sunday, Dec. 17 and 18. The event will be held from 9 a.m. to 5 p.m. in front of Chapter 11, 707 Main St. Donations, bottle deposits and sales proceeds will benefit area feral […]
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Posted inFranklin, Livermore Falls Advertiser
Verso emerges from Chapter 11, wipes out $2.4 billion of debt
JAY — Verso Corp. announced Friday it has emerged from Chapter 11 bankruptcy protection as a much stronger company with significantly reduced debt and a unified capital structure. The Memphis, Tenn.-based company employs 560 people at its Androscoggin Mill in Jay. There will be no changes in operations at the mill as a direct result […]
Posted inFranklin, Livermore Falls Advertiser
Court allows Verso to continue normal business operations
JAY — Verso Corp. announced Wednesday in a news release that it received final approval from the U.S. Bankruptcy Court in the District of Delaware for a variety of first-day motions related to its voluntary restructuring under Chapter 11 of the U.S. Bankruptcy Code. These final orders issued by the court will allow Verso to […]
Posted inFranklin, Livermore Falls Advertiser
Verso: Business as usual at Jay mill during Chapter 11
Coverage: Verso files for Chapter 11 bankruptcy protection JAY — Verso Corp. does not expect to close or sell any of its active mills in its anticipated plan of reorganization under Chapter 11 bankruptcy protection, according to versoco.com. Verso and its subsidiaries filed voluntary petitions Tuesday with the U.S. Bankruptcy Court in the District of Delaware […]
Posted inMaine, sj-web
New owner, new name: MMA to become the Central Maine and Quebec Railway
HERMON — Once the sale of the bankrupt Montreal, Maine and Atlantic Railway is complete, that name will be filed away in the history books. Railroad Acquisition Holdings, the affiliate of New York-based investment firm Fortress Investment Group that is in the process of buying Montreal, Maine and Atlantic Railway out of bankruptcy, will change […]
Posted inBusiness, Maine, sj-web
Wrongful death claimants in Lac-Megantic disaster want George Mitchell to oversee allocation of railroad’s funds
BANGOR — A Chicago law firm on Wednesday filed a proposal that would appoint former U.S. Sen. George J. Mitchell to oversee the allocation of available funds in the Montreal, Maine and Atlantic Railway’s bankruptcy case to the victims who have filed wrongful death and personal injury claims. The firm Meyers & Flowers filed the […]
Posted inBusiness, Maine, sj-web
After bankruptcy sale, what’s next for beleaguered Montreal, Maine and Atlantic Railway?
The sale of the bankrupt Montreal, Maine and Atlantic Railway is all but certain at this point, but the buyer — Fortress Investment Group — remains mum on its reasons for wanting to acquire the bankrupt railroad or its future plans. While Fortress may not be talking, the Bangor Daily News is able to piece […]
Posted inBusiness, Maine, sj-web
‘Multiple bids’ made in auction for Montreal, Maine and Atlantic Railway assets
BANGOR — Multiple parties have made initial bids for the assets of the bankrupt Montreal, Maine and Atlantic Railway ahead of next week’s auction. The deadline for bids on the railroad’s assets was the end of the day Friday. Robert Keach, the railroad company’s trustee in its bankruptcy proceedings, told the Bangor Daily News after […]
Posted inBusiness, sj-web
Montreal, Maine and Atlantic Railway rehiring workers thanks to $3 million loan
HERMON — Thanks to a recent $3 million loan, workers are being rehired by the bankrupt railway that owned the runaway train that devastated a Canadian town, killing 47 people, the railway’s court-appointed trustee said Monday. Montreal, Maine and Atlantic Railway secured a $3 million loan from Camden National Bank to allow it to keep […]