PORTLAND PRESS HERALD • May 14, 2020
Cate Street Capital, a private equity firm that was behind a controversial plan to reopen the former Great Northern Paper mill in East Millinocket with the help of a state tax credit program, has filed for bankruptcy. The firm bought the mill from its bankrupt former owner, Great Northern Paper, for $1 in 2011 and brought in investors in an attempt to reopen the facility. A Portland Press Herald investigation found that Cate Street inflated the value of its investment and ended up reaping $16 million in refundable state tax credits. The mill was closed again three years after Cate Street bought it.