About 1,000 former workers of bankrupt mill getting payouts
BANGOR, Maine (AP) — About 1,000 former workers of a Maine paper mill company have started receiving checks in a 15-year-old bankruptcy case.
The Bangor Daily News reports bankruptcy court trustee Gary Growe says the former Great Northern Paper Co. workers are receiving money for “a small fraction” of the pensions, vacation, and severance pay that they spent decades earning at the company’s East Millinocket and Milinocket mills.
One of the most common payouts to individual workers totals a little over $1,000. At full maturity, some pensions likely would have been worth six figures.
Great Northern, which was over a century old, collapsed under the weight of changing times, new technologies, increasing international competition and a lack of reinvestment. It filed for bankruptcy protection in 2003. The mills were later revived, but eventually closed for good.
Information from: Bangor Daily News, http://www.bangordailynews.com