Manistique Papers Inc., a 97-year- old producer of recycled paper[paper?:paper sample maker cutting machine] products, filed for bankruptcy protection after announcing it was shuttering operations.
The company, which was founded in 1914 in Manistique, Michigan, listed assets of $10 million to $50 million and debt of $50 million to $100 million in Chapter 11 documents filed today in U.S. Bankruptcy Court in Wilmington, Delaware.
Manistique, known as MPI, was the first manufacturer of recycled content newsprint in North America, according to its website. The company ceased production Aug. 5, according to court papers.
The paper mill’s largest unsecured creditors include Houston-based WM Recycle America LLC, with a claim of $2.3 million; Cloverland Electric, based in Dafter, Michigan, with a claim of $1.5 million; and Continental Paper Grading Co., based in Chicago, with a claim of $552,707, court papers show.
The case is In re Manistique Papers Inc., 11-12562, U.S. Bankruptcy Court, District of Delaware (Wilmington).
