BANGOR DAILY NEWS • May 14, 2020
The private firm that leveraged $16 million in public money for its failed restart of East Millinocket’s Great Northern Paper Co. mill has filed for bankruptcy. Cate Street Capital listed its assets as slightly more than $200,000 in cash and said it owes more than $800,000 in legal bills and potentially $2.8 million for natural gas and equipment. The eventual bankruptcy of Great Northern left behind a trail of debt that the attorney overseeing the case attributed in part to mismanagement, as managers at Cate Street inked unfavorable deals with related companies plunged the company into more debt and despite clear signs that it was out of cash.