Manistique Papers Shutters, Leaves 150 Jobless
MANISTIQUE, MI—Having reached a financial impasse with its lender, Manistique Papers (MPI) has ceased production and is filing for bankruptcy as it seeks a buyer. The 90-year-old firm cited declining demand and increasing material costs as among the factors for its struggles, the Daily Press reported.
The company employed 150 and produced 100 percent recycled fiber content specialty offset papers for the printing and converting industries. Citing an MPI press release, the newspaper said the company was unable to obtain funding needed to continue operations despite boasting a strong financial history, stock holder guaranty payments and support collateral value.