West Carthage, New York, USA 28 March 2018 -- (From news reports) -- Two companies have expressed interest in making purchase offers for Carthage Specialty Paperboard, according to the village mayor.
Scott M. Burto didn't identify the companies, but said he learned they have expressed interest in purchasing the from from DeltaPoint Capital Management LLC and operating it in some capacity.
DeltaPoint Capital Management has spent several months attempting to sell its West Carthage-based specialty paper products manufacturer, which filed for reorganization under Chapter 11 bankruptcy protection on Feb. 28.
"I believe that if other legitimate offers are going to be made, they should take them into consideration as a better opportunity for the community and those employees there," Mr. Burto said. "For our community, I think existing management has a track record that's not in the positive. We'd encourage a new buyer in there, look for somebody that's going to build upon what they have and get back to the strong company that they were, and the jobs, and increase employment in the future."
Carthage Specialty Paperboard's management team has offered to purchase the company.
Michael Lambert, vice president of sales and marketing, however, said while several enterprises have expressed interest in acquiring the plant and its assets, he wasn't aware of any other offers. Managers offered to buy the manufacturer because DeltaPoint Capital Management couldn't secure one that KeyBank, the senior lender, would accept, Mr. Lambert said.
"If there had been (an offer), we would already know," he said. "There's a big difference between showing interest and an offer."
Carthage Specialty Paperboard owes money to several lenders, including about $10 million to KeyBank and about $986,000 to the village of Carthage, the Development Authority of the North Country and other development organizations, which previously provided a combined $1 million package for paper machine upgrades.
The company also has $198,000 in back payments for using the Carthage-West Carthage Water Pollution Control Facility. Mr. Burto, however, said the U.S. Bankruptcy Court for the Northern District of New York will decide whether the villages will receive those payments because KeyBank and other lenders supersede them.
"When (the company) filed for bankruptcy, we were included as one of the insecure debtors," Mr. Burto said.
U.S. Sen. Charles E. Schumer, D-N.Y., has helped facilitate meetings between village officials and federal and state officials as the company has faced problems, Mr. Burto told the Times Friday during the senator's conference about the $1.3 trillion omnibus spending bill.
"We want to see a successful change of ownership and, moving forward, keeping those jobs there and possibly expanding," Sen. Schumer said Friday.
A spokesman for Sen. Schumer, Jason Kaplan, provided no additional comment.
The plant reopened March 18 after it temporarily shut down because the manufacturer lacked raw materials.
"Actually, we had a good production day," Mr. Lambert said. "We're running well. We're shipping orders. We have a substantial backlog now, so that's good."
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