Drummond Woodsum helped the bankruptcy trustee for Great Northern Paper Company, Pasquale “Pat” Perrino, negotiate a complex global settlement with the papermaker’s lenders, owners, and managers that will yield a substantial dividend to unsecured creditors, including hundreds of small businesses in northern Maine. At the commencement of the bankruptcy case, these creditors stood to receive nothing. With the expertise of Jeremy Fischer, Jeff Piampiano, and Drummond Woodsum’s Bankruptcy, Restructuring & Creditors’ Rights group, however, the trustee aggressively investigated, negotiated, and settled a broad range of claims, resulting in a court-approved settlement that will provide a $1.34 million recovery to these creditors.
Media Coverage
- November 22, 2014, Bangor Daily News "‘Nobody Likes Losing Money’: Bankruptcy settlement plan leaves some GNP creditors somber". To read the article please click here.
- November 21, 2014, WABI TV 5 included Fischer in a video "Judge’s Approval Clears Way for GNP Mill Buyers". To see the video please click here.
- November 14, 2014, The Portland Press Herald “Great Northern Bankruptcy Trustee Seeks Deal Despite Alleging Mill Was Mismanaged”. To read the article please click here.
- October 3, 2014, Bangor Daily News "Delaware Bankruptcy Judge Grants Motion to Move GNP Case to Maine". To read the article please click here.
- October 3, 2014, The Portland Press Herald "Great Northern Paper Bankruptcy Moves to Maine Court". To read the article please click here.
- September 29, 2014, Bangor Daily News "GNP Creditors Petition to Move Bankruptcy Case to Maine, but Trustee Objects". To read the article please click here.
- September 24, 2014, Bangor Daily News "Great Northern Paper Files For Bankruptcy, Lists More Than 1,000 Creditors". To read the article please click here.
- September 23, 2014, Bangor Daily News "Delaware court to determine where GNP bankruptcy will be heard". To read the article please click here.
- September 23, 2014, The Portland Press Herald "Bankruptcy Filing Appears To End Era in Maine Papermaking". To read the article please click here.
