U.S. bankruptcy court approves US$8.2M sale of Mississippi River Corp. deinked pulp mill to Wayzata Investments Partners-related Mississippi River Pulp
May 31, 2010
– A U.S. Bankruptcy Court has approved the $8.2 million sale of pulp recycler Mississippi River Corp. to a Minnesota firm that registered Monday with the Mississippi Secretary of State.
The Natchez Democrat reports that the buyer, Mississippi River Pulp LLC, has one listed officer: Wayzata Investments Partners LLC of Wayzata, Minn.
A bankruptcy court order states that the buyer took responsibility for MRC's debt, including $684,206.93 in back property taxes owed to Adams County and $309,660.75 owed to the county for loans to expand warehouse space.
Board of Supervisor's President Darryl Grennell says the county got a check from the private equity firm Friday.
MRC employed 60 people when the company filed for Chapter 11 reorganization in February, citing low demand and low prices in the previous year.
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