Rumford paper mill’s parent files its reorganization plan

The parent company of the paper mill in Rumford has filed its reorganization plan 11 months after seeking Chapter 11 bankruptcy protection.

Ohio-based NewPage Corp. said Wednesday that the plan was filed in federal bankruptcy court in Delaware.

George Martin, president and CEO, described the filing as “an important and positive step forward to a successful completion of our financial reorganization.” He said he hopes that talks with major creditors will produce broad support for the plan.

NewPage has about 900 employees in Rumford.

NewPage also owns paper mills in Kentucky, Maryland, Michigan, Minnesota, Wisconsin and Nova Scotia, with $3.5 billion in net sales last year.

 

Coastal Enterprises awarded $1.45 million in federal funds

Coastal Enterprises Inc., which provides funding and support to small and midsized businesses, has been awarded $1.45 million to help develop business and natural-resource ventures in the farm, fish and forestry sectors, as well as the renewable energy and affordable-housing industries.

Of the 210 organizations funded by the Community Development Financial Institutions Fund of the U.S. Treasury, Coastal Enterprises was among those that received the maximum award available from a pool of nearly $187 million.

Ron Phillips, CEO and founder of Coastal Enterprises, based in Wiscasset, said the funds will provide the necessary “seed” capital to help starting or expanding projects.

Coastal Enterprises recently provided funding to help Gelato Fiasco in Brunswick expand to Portland.

 

Stock indexes barely budge as reports send mixed signal

Shoppers are starting to spend, but business owners aren’t so sure their customers will keep coming back.

These conflicting signals confused investors, who first bought stocks and then sold them as the day progressed Tuesday.

The Dow Jones industrial average closed up 2.71 points at 13,172.14. It was up as much as 53 points at midday. The broader Standard & Poor’s 500 index lost 0.18 point to 1,403.93, and the Nasdaq composite index fell 5.54 points to 3,016.98.

Earlier, investors were energized by a surprise gain in retail sales in July.

However, another report showed that U.S. companies weren’t restocking their shelves or their warehouses fast enough, a signal that they believed shoppers weren’t going to continue spending.

 

Berkshire Hathaway ditches Intel, makes other changes

Warren Buffett’s company has dropped its stake in Intel and added new investments in National Oilwell Varco and Phillips 66.

Omaha-based Berkshire Hathaway Inc. revealed the moves in a regulatory filing after the market closed Tuesday. The report also detailed other shifts in the company’s $74.3 billion stock portfolio.

Berkshire also sold a large chunk of its Johnson & Johnson and Procter & Gamble stocks. It tripled its stake in Bank of New York Mellon and also raised its stake in DirecTV.

Berkshire doubled its position in the newspaper publisher Lee Enterprises Inc. The company maintained its stakes in Gannett Inc. and The Washington Post Co.

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