Governor to Meet with Millinocket Officials to Discuss Future of Mills

April 29, 2011

Brookfield Asset Management Co. Extends Deal Deadline

Augusta, Maine – Governor Paul LePage announced today that Brookfield Asset Management Co. will not begin dismantling and liquidating of the Millinocket and East Millinocket Mills.

Today’s announcement is positive news for the Katahdin region that has been hit particularly hard with the closure of the Millinocket mill. In early April, Meriturn Capital, an investor in paper mills, stepped away from a deal with Brookfield Asset Management Co. that would have kept the mill operating and potentially reopen the East Millinocket mill.

This week, the Governor met with Brookfield officials to discuss an extension. At the Governor’s request Brookfield has given the State a 90-day extension with the understanding the State will start the process of assuming management of the Dolby landfill. The extension was granted until July 31, 2011.

“This gives us additional time to work on securing a qualified buyer,” said Governor LePage. “Brookfield has been generous with their extensions, and this shows the commitment the company has to finding a solution that will keep jobs in the region.”

Governor LePage will meet with elected officials from Millinocket and East Millinocket on Tuesday, May 3rd to stress the critical nature of this final extension. “We need to all come to the table with the best interest of the people in the Katahdin region,” Governor LePage said. “I am committed to doing everything I can for the State in order to create jobs.”

Since the recent closure of the Millinocket mill in early April, more than 400 workers have been assisted by the Maine Department of Labor Rapid Response program. The program provides workers with a variety of reemployment and training services to help them find new work.