The sale of the Newton Falls paper mill as an intact operation has failed and the assets will be liquidated.
In an emailed press release, Scotia Investments Vice President Robert Patzelt wrote that the single bid received at the end of an auction Thursday for the mills equipment was terminated during finalization of the details.
The owners are disappointed with this development as they put tremendous time and effort into selling the entire mill which was seen to be in the best interest of all the stakeholders and especially the mill and the community, Mr. Patzelt wrote. Ideally, we wanted the mill to be sold as a going concern, or, in its current state of being ready to be reopened by another party.
Scotia will proceed with the disposition of the mills assets in an orderly manner, he wrote.