Manistique Papers reschedules sale, naming of stalking horse bidder

By Jim Witters

Wilmington, Del., Feb. 24 - Manistique Papers Inc. has delayed its sale auction and pushed back its deadline for designating a stalking horse bidder for substantially all of the company's assets, according to documents filed Friday with the U.S. Bankruptcy Court for the District of Delaware.

If the debtor elects to designate a stalking horse bidder, notice must be filed with the court no later than March 16.

A hearing is scheduled for March 22 to approve any stalking horse protections.

The deadline for bids is April 4. The deadline for mBank to submit a credit bid is April 5.

If an auction is necessary, it will commence at 10 a.m. ET on April 6.

A sale hearing is scheduled for 3 p.m. ET on April 11. Closing of the sale must occur before April 16.

The primary asset of the company is its 500-ton-per-day recycled paper mill along the Manistique River in Manistique, Mich.

Manistique Papers, a Manistique, Mich., recycled-fiber specialty paper producer, filed for bankruptcy on Aug. 12, 2011. Its Chapter 11 case number is 11-12562.

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