Issue link: https://nebusinessmedia.uberflip.com/i/1534467
W W W. M A I N E B I Z . B I Z 23 A P R I L 2 1 , 2 0 2 5 F O C U S B A N K I N G / F I N A N C E / I N S U R A N C E their money back but leaves a blank for the anticipated recovery for those who choose to participate. Maine Technology Institute provided close to $2 million in grant funding and $200,000 in loans, of which $22,705 was paid back before the bankruptcy filing, according to MTI President Brian Whitney. MTI is "hopeful" of the reorganization plan succeeding, he says. Whitney declined to comment on whether MTI sup- ports the debt relief and reinvestment plan outlined in the Chapter 11 filing. In all, Timber HP "borrowed a lot of money from a lot of dif- ferent sources, including a lot of government-financed lending," says Roger Clement, a partner with the Portland-based law firm Verrill who reviewed the case filings for Mainebiz. "is is the classic example of the entrepreneur who raises money to build a bridge and runs out of money before the bridge hits the other shore." Saddled with rising costs and debt, TimberHP tried in vain to sell the company. After a potential suitor backed out in February, the own- ers pursued a restructuring plan — backed by more than 25 creditors — to slice $100 million in debt from its books and reemerge with a new busi- ness plan. e amount of TimberHP's total indebtness was not immediately clear from the filings. Sustainable Impact Program Start Investing Now Our Sustainable Impact Program offers a range of deposit accounts designed to align your financial strategies with your sustainability goals. These accounts provide the same convenient features and security you expect from traditional banking products, with the added benefit of knowing your funds are directly fueling positive change right here in Maine. C O N T I N U E D O N F O L L OW I N G PA G E » This is the classic example of the entrepreneur who raises money to build a bridge and runs out of money before the bridge hits the other shore. — Roger Clement Verrill P H O T O / T I M G R E E N WAY Roger Clement, a partner at Portland law firm Verrill, reviewed the TimberHP bankruptcy case for Mainebiz.