Bankrupt Paper Co. Seals $12M Sale To Watermill Group

Law360, Wilmington (April 17, 2012, 9:42 PM EDT) -- A Delaware bankruptcy judge gave Manistique Papers Inc. the green light Tuesday to sell its assets to The Watermill Group for $12.3 million, bolstering the private equity firm’s portfolio of recycled-paper manufacturers.

At a court hearing in Wilmington, U.S. Bankruptcy Judge Kevin J. Carey signed off on the sale of the recycled-paper mill after a scheduled auction failed to turn up any additional bids. The sale fulfills MPI’s stated goal in bankruptcy of preserving the company as a going concern, along with many of the 150...
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