Two companies vie for Carthage Specialty Paperboard mill at upcoming auction
October 18, 2018
SYRACUSE, N.Y. (From news reports) -- Two companies have submitted bids for Carthage Specialty Paperboard in time for a private auction Thursday at the office of Bond, Schoeneck & King, PLLC.
Attorney Grayson T. Walter said only Human Capital Investments, Starbuck, Wash., and Ox Industries, Hanover, Pa., submitted offers for the bankrupt paper mill in West Carthage by the U.S. Bankruptcy Court for the Northern District's Friday deadline. Each company will have a chance to raise their offers in $50,000 increments as they compete for the mill at auction. The court will hold a hearing to consider approving the sale of the mill's assets to the highest bidder Friday.
"The debtors are just optimistic about the fact that two bidders are interested in purchasing the business," Mr. Walter said.
Carthage Specialty Paperboard's owner, DeltaPoint Capital Management, filed for Chapter 11 bankruptcy in February after years of setbacks.
