Blue Heron to Keep Operating in Oregon City
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Blue Heron Paper Co., Oregon City, Ore., USA, a producer of toweling and newsprint grades, and which filed for Chapter 11 bankruptcy protection December 31, has reached an agreement with its primary lender that will allow the company to stay in business while it reorganizes, according to a recent report in The Oregonian. The agreement with Wells Fargo includes a proposed operating budget for costs such as wages, employee benefits, utilities, and raw materials through April 9. The U.S. Bankruptcy Court in Portland stipulated that Blue Heron shall not exceed the budget by 10% in any week or in the overall period without pre-approval from the bank or a further order from the court, The Oregonian noted. Blue Heron reportedly owes Wells Fargo some $14.54 million. A meeting of the company's creditors has been scheduled for February 10. Blue Heron has the capacity to recycle more than 600 tpd of newsprint, magazines, and other paper.
   
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