Mainebiz

V O L . X X X I N O. V I I A P R I L 7 , 2 0 2 5 8 B U S I N E S S M A I N E B U S I N E S S M A I N E B U S I N E S S N E W S F RO M A RO U N D T H E S TAT E N O T E W O R T H Y S O U T H E R N Maine Metal Buildings Inc. broke ground on its new headquarters, at 625 Main St. in Gorham. The Northern New England Passenger Rail Authority in Portland said that on April 1 CSX Transportation will begin replacing over 130,000 railroad ties along 124 miles of the Downeaster corridor, from the Massachusetts state line to Brunswick. The Downtown Social, an event venue and catering company in Portland, opened at 128 Free St. Rising costs spell job cuts at Augusta hospital Citing rising costs and low Medicaid reimbursements, MaineGeneral Health said it planned to lay off 100 full-time employees in mid-April. "e current crisis in MaineCare funding compounds an already tenuous financial footing for 207.989.4824 HALEYWARD.COM 55 Weston Ave. Madison, ME Highlighting our commitment to aordable housing and stronger communities. Partner with us today! B R I E F With debt funding, Madison manufacturer TimberHP outlines reorganization plan B y R e n e e C o r d e s L ess than two years after TimberHP brought a shuttered Madison paper mill back to life by manufacturing high- performance wood fiber insulation, the company has filed for bankruptcy protection. The startup, a division of Belfast-based GO Lab Inc., filed a voluntary, pre-negotiated Chapter 11 reorganization plan in U.S. Bankruptcy Court in Delaware. The Madison plant was retrofitted at a cost of $125 million, which included loans, grants and private equity investment. Original backers included the Finance Authority of Maine, Maine Rural Development Authority, town of Madison, state Department of Economic and Community Development, Somerset Economic Development Corp., Coastal Enterprises Inc., Eastern Maine Development Corp. and Maine Technology Institute. As part of the plan announced March 28, bondholders will invest $29 million as the company continues to produce two types of insulation and builds out its sales and support team. "TimberHP is grateful to its sales partners, vendors, employee partners and bondholders for standing by the com- pany through this challenging, but necessary process," Matthew O'Malia, co-founder and CEO, said in a written statement. "TimberHP has an incredible product line, and we are pleased to have the support and capital required to execute our busi- ness plan and address the growing demand for sustainable insulation materials in the U.S. construction industry," he added. O'Malia, an architect, joined forces with chemist Joshua Henry in 2015. Four years later, they bought the mill prop- erty in Madison for $1.4 million and launched TimberHP. The company started manufacturing its first product in 2023 and added a second line the following year. In its announcement, the company said it expects to expedite the Chapter 11 process and emerge from bankruptcy within coming months "to a strengthened financial opposition" and access growth capital to complete its third manufacturing line. TimberHP is taking financial advice on the voluntary bank- ruptcy reorganization from investment bank Jefferies LLC and legal advice from Cozen O'Conner, a Philadelphia-based law firm. F I L E P H O T O / C O U R T E S Y T I M B E R H P TimberHP has filed for voluntary Chapter 11 bankruptcy protection. C E N T R A L & W E S T E R N

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