Cate Street Capital

For two towns that sometimes don't see eye to eye, the feeling is unanimous.

"That is a huge shot in the arm to us," said Gene Conlogue, Town Manager of Millinocket.

"That would just be the shot in the arm this area needs," said Mark Scalley, Board of Selectmen Chair in East Millinocket.

Because in the Katahdin Region, a good partnership comes etched in paper.

"It's funny that it's taken something like this bring us together," said Scalley.

A shared interest in reopening the town's paper mills will bring anyone to the table.

"This means revitalizing our entire economy base of this area," said Conlogue.

Governor LePage announced that a New Hampshire based company, Cate Street Capital, is one step closer to doing just that.

"Today, this new company has actually signed the asset purchase agreement," said Conlogue.

Under the agreement, the company would reopen both mills, but not necessarily restore the nearly six hundred jobs that were lost.

"This is a step forward. It's not the end of the race by any stretch of the imagination," said Scalley.

With thirty days to close the sale, Cate Street Capital says there are still significant hurdles to overcome.

"One of the things they need to work on, that's already being worked on, is in progress, is working with the two towns on taxes and things like that," said Conlogue.

It's still unclear how much the company will pay the towns in property taxes, but officials from both communities say they don't think it will be a problem.

"Are they insurmountable hurdles? No. I mean there are some bumps, but I don't see anything that's deal breaking here now," said Scalley.

Right now, they're just enjoying the progress that's been made.

"If you have a spouse or significant other you should take them out to dinner just to celebrate the good news," said Conlogue.

And taking every obstacle in stride.
http://www.wabi.tv/news/23140/potential-buyer-could-reopen-katahdin-area-mills