Manistique Papers to be acquired by MPI Acquisition, will continue kraft paper, recycled groundwood operations with same management, production team
April 12, 2012
– MPI Acquisition, LLC has reached an agreement to purchase the assets of Manistique Papers, Inc. (MPI) which filed for Chapter 11 bankruptcy protection on August 12, 2011. Terms of the sale agreement are undisclosed pending the bankruptcy court approval. Plans are for Manistique Papers, Inc. to continue operating with the same management and production team to provide top quality 100% recycled high bright groundwood specialties and Natural Kraft products to the marketplace.
MPI Acquisition, LLC has been formed by the investors from the Watermill Group, a Boston area private equity investment firm. Final Bankruptcy Court approval of the sale is scheduled for April 17, 2012 with the formal sale closing occurring on or before May 4, 2012. The transaction is being financed through mBank, MPI’s existing lender, with support from the Michigan Economic Development Corporation.