By Nick Worth
For sale: Complete recycled paper mill previously producing 337,000 tons per day of recycled newsprint and uncoated specialty papers.
The Catalyst Snowflake paper mill, once employer of more than 300 people in Navajo County, is officially up for sale and the seller, a consortium led by Hackman Capital, LLC, Capital Recovery Group and Rabin Worldwide, is selling it “one piece at a time.”
According to its website, Rabin Worldwide, which is headquartered in San Francisco, “provides comprehensive financial solutions for businesses in transition, from Fortune 500 companies and private industry, to financial institutions, receivers, trustees and courts. Our ability to evaluate, market, and sell surplus business assets has inspired the confidence of our clients and customers for over 50 years.”
Rabin Worldwide recently listed the assets of the Snowflake paper mill on its website at http://rabin.com/AuctionsAndEvents/UpcomingNew.aspx. There is a link to a general overview of the sale.
The Hackman consortium, which includes Hackman Capital Equipment Fund, PPL Group of Northbrook, Ill., Capital Recovery Group of Enfield, Conn., Rabin Worldwide, and Aztec Land and Cattle Company Limited of Phoenix, bought the assets of the Catalyst mill in a bankruptcy auction Dec. 17 in New York City. With the purchase, the Hackman group acquired the paper mill and the majority of its assets, as well as the Apache Railway and its 45 miles of track, which the group then sold in a separate transaction to the Snowflake Community Foundation. The foundation was formed to acquire the railroad in order to save it from being sold as scrap and to preserve it as an important part of the economic development of the region.
With the railroad secure for the time being, the Hackman consortium is moving forward with the sale of the mill’s assets. The auction will to be held online and live at the mill site at 277 Spur Road west of Snowflake beginning at 10 a.m. on Thursday, May 14, and will continue on Friday and Saturday, May 15 and 16, at the Hampton Inn & Suites, 1501 E. Woolford Road in Show Low. A preview will be held from 9 a.m. to 5 p.m. on Wednesday, May 13, or earlier by appointment.
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By Nick Worth