Lincoln Paper and Tissue has filed for chapter 11 protection and intends to seek a buyer, the Associated Press reported yesterday. President and CEO Keith Van Scotter said on Monday that the company has financing in place to continue operations while it seeks bids for the Maine paper and tissue-making mill. He said that he anticipates an auction within 45 days. The mill furloughed 200 workers on the paper-making side of the plant after a boiler explosion in November 2013. The company still has about 170 workers making tissue paper. Van Scotter said the goal is to find a buyer who'll keep the operations going. The company said in court papers that it owes more than $10 million to more than 200 creditors.
