Friday, October 17, 2008

Pulp Mill Dumped

Posted By on Fri, Oct 17, 2008 at 12:31 PM

Just a couple of follow-up thoughts on the Times-Standard's major scoopage this morning on the sale of Evergreen Pulp ...

Here's the disclosure form (.pdf) on the sale from the Hong Kong stock exchange. Note the payment schedule. Someone's getting what seems like a pretty handsome deal. They're putting about $2.5 million US down, then paying ~$4 million in six quarterly installments beginning at the end of the year, for a total of about $28.7 million.

And what is that buying, exactly? The purchaser isn't buying the mill itself. It's buying two Lee & Man subsidiaries -- USLM Acquisition, Inc. and HKLM Acquisition, Inc. (One would guess they stand for "U.S. Lee & Man" and "Hong Kong Lee & Man.") What other assets do those subsidiaries own? We don't know at this point, but they are headquartered in Colorado, not here.

More to come, for sure. But don't miss the T-S's excellent write-up this morning on the mill's general economic problems, which have spun out to its suppliers over recent months.

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