Great Northern Paper, the operator of the paper mill in East Millinocket that filed for bankruptcy last month, has revealed in recent court filings how deep a financial hole it is in.

The company, which is managed by New Hampshire-based private equity firm Cate Street Capital, claims roughly $28 million in assets, but has liabilities of slightly more than $65 million.

Cate Street shut down the Great Northern mill in East Millinocket in late January and laid off more than 200 workers a few weeks later, citing rising costs for energy and wood. The mill produced newsprint, including some used by the Portland Press Herald/Maine Sunday Telegram, and paper for the book publishing industry, including the 2011 blockbuster “Fifty Shades of Grey.”

GNP Maine Holdings LLC, which does business as Great Northern Paper, filed for Chapter 7 bankruptcy on Sept. 22 in Delaware, where it is incorporated. However, the federal bankruptcy judge in Delaware on Oct. 3 ordered the case moved to Maine because that’s where a majority the creditors are located. As a result, the U.S. Trustee’s office has appointed Augusta attorney Pasquale “Pat” J. Perrino Jr. to be the new trustee for Great Northern Paper as it works its way through the bankruptcy proceedings.

Louis Kornreich, the federal bankruptcy judge in Bangor who has been given the case, has rescheduled the first meeting of creditors for Oct. 29 at the Penobscot County Courthouse.

The two largest secured creditors – Stonehenge Community development of Baton Rouge, Louisiana, and Enhanced Capital New Market Development Fund of New Orleans – each claim Great Northern Paper owes them $20 million. The largest secured creditors in Maine are Prentiss & Carlisle Management Services, a timberland management firm in Bangor that claims it is owed $426,909, and Timberland Trucking, a trucking company in Millinocket that claims it is owed $255,266.

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