Verso mill power supplier files Chapter 11 bankruptcy

Bucksport Generation LLC, the power plant formerly associated with Verso Paper in Bucksport, has filed for Chapter 11 bankruptcy protection.

The documents filed Tuesday at Maine District Court show the company with assets and liabilities of between $10 million and $50 million.

A large portion of those liabilities – about $15 million – is a disputed debt to GE International of Pittsburgh, which provided maintenance to the plant. The next largest creditor is Bangor Natural Gas, which is owed $90,815.

The plant had supplied power to the Verso paper mill until the property was sold last year for scrap to AIM Development. The power plant continued to operate, but under management of Energy Advisory Partners.

The company requested an expedited hearing so it could pursue financing to make payroll and continue operations, among other things. The order was granted by Peter G. Cary, chief judge of the Maine’s bankruptcy court. The hearing is set for Monday.

Kraft Heinz to close plants, eliminate about 2,600 jobs

Kraft Heinz will close seven plants in the U.S. and Canada as part of a downsizing that will eliminate 2,600 jobs, or roughly 14 percent of its North American factory workforce.

The food company said the reduction, which will take place over the next two years, is part of a plan to save $1.5 billion in operating costs by the end of 2017. The plants set for closure are in California, Maryland, New York, Pennsylvania, Wisconsin and Ontario.

Government-backed IRA available across country

A government-backed individual retirement account announced nearly two years ago by President Obama is now available across the country, removing several barriers that keep millions of people from saving for retirement.

The account, called a myRA, has no fees, no minimum balance, no risk of losing money and it doesn’t have to be linked to an employer.

MyRAs are aimed at those without access to employer-sponsored retirement plans like 401(k)s, but anyone under certain income levels is eligible.

Mercedes issues U.S. recall for problem with air bags

Mercedes is recalling more than 126,000 cars and SUVs in the U.S. to fix a problem that can cause the air bags to inflate without a crash.

The recall covers the C-300, C-350 and C-63 models from 2008 and 2009, and the GLK-350 4-Matic from 2010.

Mercedes says the air bag control unit can corrode and malfunction because of a manufacturing error. That can make the air bags deploy without warning, or they might not inflate in a crash.

– From staff and news services

This compilation was changed from its original version to correct the services provided by GE International to Bucksport Generation.


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