Updated 10-6-17 Judge Gregory Gill approved the sale of the paper mill to Industrial Assets for $21.5 million. The California-based liquidation company plans to sell the equipment and machinery in the mill.
Updated 9-25-17 The suspense is not over for Appleton Coated: lawyers have a maximum of five days to hash out the details of a hybrid agreement that states Industrial Assets will pay $20 million for the company and, at the same time, market the mill as an ongoing operation for 45 days.
Updated 9-22-17 An Outagamie County judge heard the case on Friday, but delayed a decision until Sept. 25. All sides are scheduled to return to court Monday at 2:30 p.m.
Tuesday’s auctioning off of Appleton Coated – the maker of Utopia and Ethos papers among others and partner in New Leaf Paper’s Reincarnation line – goes to court today for finalization. As PostCrestcent.com reports:
“Industrial Assets Corp., a used machinery dealer based in Los Angeles, made the winning bid of $21,550,000 for the main plant, Kampo Warehouse and Harrison Landfill, all equipment and machinery, inventory and accounts receivable.”
Today New Leaf Paper confirmed in a press release that it “is working to move Reincarnation manufacturing to another of New Leaf’s mill partners – a large, stable mill with a long track record making high quality, recycled papers….We will update you by the end of the month on our supply chain plans. Our commitment is zero supply chain challenges for our customers.”
As New Leaf notes, it “has successfully navigated three supply chain changes for Reincarnation over the past 18 years.” Stay tuned for its next incarnation.