Manistique Papers sale pending

Posted: 04.12.2012 at 10:33 PM Updated: 04.13.2012 at 5:10 AM

Read more: Local, Business, Economy, News, Manistique, Papers, Mill, Sale, MPI, Aquisition, Bankruptcy, Purchase, Agreement

MANISTIQUE -- Manistique Papers is being sold. MPI Acquisition, LLC has reached an agreement to purchase the assets of Manistique Papers which filed for Chapter 11 bankruptcy last August.

Terms of the sale have not been disclosed. Manistique Papers says the plan is to continue operating with the same management and production team. The plant temporarily closed last August, but reopened in September.

Final bankruptcy court approval of the sale is scheduled for April 17 with the formal sale closing on or before May 4.

MPI Acquisition, LLC has been formed by investors from the Watermill Group, a Boston area private equity firm.

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