Manistique Papers goes bankrupt
MANISTIQUE -- Manistique Papers is one of the largest employers in Manistique, and it was announced earlier Friday that they'll be filing for bankruptcy.
The 90-year-old company employs 150 people. But the company has been in financial trouble since January 2011 when the cost of raw materials went up to one million dollars per month.
The facility produces 100 percent recycled fiber content.
But market conditions have caused a significant decrease in orders.
“People are going to have to move away,” explains Manistique resident, Rebecca Casteel. “I mean, it really sucks, but there's nothing we can do about it. It’s going to be really hard because it's already hard to find jobs here as it is.”
Even though production has stopped, limited personnel will stay and maintain operations until a new buyer can be found.
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