Paneltech of Hoquiam Sells for $2.4 Million
Paneltech has been sold.
At a closed bankruptcy auction on Thursday, Little Green, LLC of Aberdeen was announced as the high bidder for the Hoquiam company and its assets with a winning bid of $2,407,069. The starting bid at the auction was $2,080,000.
In court documents, Gale Dahlstrom, a managing member of Little Green, says that the company “agreed to purchase substantially all of the assets of Paneltech Product, Inc”.
KXRO has learned that the current Paneltech staff was told that production will begin again at the facility as normal on Tuesday, and on February 8th, Little Green, LLC will take full ownership of the facility.
In addition to the company’s assets, the new owners also take ownership of their debt including outstanding agreements with Applebee’s and RockTenn.
Executive officers from all associated companies were not available for comment.