Recycler Manistique Papers Folds Into Ch. 11

Law360, Wilmington (August 12, 2011, 8:21 PM EDT) -- Manistique Papers Inc. — a Michigan-based paper recycler — filed for Chapter 11 protection Friday in Delaware, one week after halting operations and announcing it would seek a buyer in bankruptcy.

Since the beginning of 2011, MPI has been hit with a one-two punch: raw material costs that surged by $1 million per month and a 30 percent decline in orders for its paper products, according to a declaration from General Manager Jon Johnson.

“This unanticipated decline in orders resulted in excess inventory and lost revenues,”...
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