Manistique Expects to Emerge from Bankruptcy End Q1 2012

Manistique Papers, Inc. has entered its final phase of financial reorganization with the mill operating near full capacity, according to officials. The mill has the capacity to produce 133M stpy of UGW on one PM.

A press release from MPI indicates the company filed paperwork with the United States Bankruptcy Court for the District of Delaware on Nov. 21 to enter its final planned stage of financial reorganization.

The actual process began last week, and is expected to be completed by March 2012. By reorganizing, MPI would be able to enter the process of selling the mill to a new equity holder with an appropriate debt structure.