The new owner of Red Shield Lynn Tilton hopes for the best

altDuring last 2 weeks since November, 27 the situation concerning Red Shield mill became more stable and not so strained as it was couple weeks ago. Let us remind to you that almost a half of all the workers of this enterprise situated in Old Town were laid off. In connection with the world’s financial crisis the administration of this pulp mill couldn’t cope with the sudden drop of the stocks of pulp industry and the mill stopped its work.

However, right now all 111 employees that were laid off returned to their work because an investment company of New York bought the bankrupted pulp mill $11.5 million.

As the newly fledged owner of Red Shield Lynn Tilton informed, she hopes for the best despite the fact that pulp pricing continues to take a dive and her company\'s enthusiasm for the long-term project in Old Town has not waned.

However, according to Human Resources Director Dan Bird, next week the work crew will drop to about 75.

In the coming weeks, it should bottom out at 50 workers.

Those workers will be used to maintain the biomass boiler, which just went back on-line.

Managers originally expected to have the mill completely operational by now.

Bird says emergency benefits will be available for those workers who are being laid now.

About 160 people lost their jobs when Red Shield shut down in June.

A couple of dozen remained on site to maintain it for startup.