My Price County
Registered: Apr 09, 2019
| PARK FALLS: FLAMBEAU RIVER PAPERS' LAY-OFF AND SEARCH FOR A BUYER
Flambeau River Papers in Park Falls has given 60-day lay-off notices to employees and is seeking a buyer.
A press release stated that "a receiver will be appointed under Chapter 128," which is a voluntary debt consolidation plan in Wisconsin, (which is the opposite of bankruptcy, as debts will be repaid). "The receiver is authorized to continue to run the business and intends to do so while seeking the customary relief offered under this statute."
Flambeau River Papers gave 60 day notices to insure that employees can seek new employment and that there is no interruption in supply.
The company also stated that a smaller, more focused paper mill should enhance the ability to find the right buyer.
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[Edited by My Price County on May 08, 2019 at 06:42 PM]