Gordon Brothers has purchased the assets of Lincoln Paper and Tissue as part of a joint venture that includes Capital Recovery Group, PPL Group and Rabin Worldwide. The Maine-based tissue and paper mill filed for bankruptcy in late September 2015.

“Our purchase of this mill provides a significant opportunity for a strategic operator to restart the mill. In the event an operator does not materialize, we will provide buyers with the chance to purchase some highly desirable, late model paper and tissue equipment” said Bob Maroney, president of the Commercial & Industrial Division of Gordon Brothers Group.

Lincoln Paper and Tissue’s bankruptcy filing resulted from a series of challenges as the company sought to improve its business following a boiler explosion in 2013 and the subsequent loss of a major customer. The company faced headwinds due to trends towards foreign manufacturing of similar products and earlier this fall made the strategic decision to file for bankruptcy.