Shuttered Maine Mill One Step Closer To Becoming A Biorefinery

The company seeking to build a $240 million biorefinery in East Millinocket has reached a settlement to buy the property, which it expects to close by early June. The buyer, EMEP LLC, said in court filings that it has reached a deal with the property owner, North American Recovery Management, which it expects will close […]

The company seeking to build a $240 million biorefinery in East Millinocket has reached a settlement to buy the property, which it expects to close by early June.

The buyer, EMEP LLC, said in court filings that it has reached a deal with the property owner, North American Recovery Management, which it expects will close within 60 days.

Until then, both sides have asked the court to put all proceedings on hold regarding EMEP’s complaint that it negotiated the right to buy the property for $1.75 million. The court approved that motion Friday and lifted restrictions on the buyer selling the property.

The notice of the settlement did not include any details about the terms of the agreement, and an attorney representing the buyer declined to comment. A settlement would resolve EMEP’s claims it had a valid and enforceable contract to negotiate the purchase of the property and NARM’s counterclaim that the lawsuit prevented it from marketing the property to other buyers.

Thimi Mina, an attorney representing the buyer, in early April wrote that the counterclaim “seems to be more of a strategic exercise” as a way to “get a better deal than the one it agreed to last year.”

From the Bangor Daily News: http://bangordailynews.com/2017/05/08/business/shuttered-maine-mill-land-one-step-closer-to-becoming-an-energy-park/

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