Gorham Paper gets court approval to sell assets to Behrens affiliate

By Sarah Lizee

Olympia, Wash., Dec. 21 – Gorham Paper and Tissue, LLC received court approval to sell substantially all of its assets to Behrens Investment Group LLC affiliate, Gorham Acquisition, LLC, according to an order filed Friday with the U.S. Bankruptcy Court for the District of Delaware.

As previously reported, the purchase price includes $8.75 million in cash payable by means of a completed Federal Funds wire transfer, less the deposit of $1 million, a portion of which was funded upon approval of the bid procedures; a credit bid of all the debtor-in-possession financing held by the purchaser; and, the assumed liabilities, which includes the debt owed by subsidiary White Mountain to the Bank of New Hampshire.

Gorham, N.H.-based Gorham Paper and Tissue manufactures towel and tissue rolls for at-home and away-from-home markets. The company filed bankruptcy on Nov. 4 under Chapter 11 case number 20-12814.

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