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V O L . X X X I N O. V I I I A P R I L 2 1 , 2 0 2 5 24 B A N K I N G / F I N A N C E / I N S U R A N C E F O C U S Seeking to reset In early March, after TimberHP's attempt to find a buyer for the business fell through, FAME's board approved $7 million in commercial insurance associated with a $10 million loan from BlackRock for the company. FAME spokesman Bill Norbert says the loan insurance was authorized amid hope that TimberHP will emerge as a more robust company. "Everyone is rooting for this mill to succeed," Norbert says. "It's so important for the area, the jobs at the mill, in Madison and the surrounding area, and all the indirect benefits to local businesses such as wood suppli- ers and vendors … We never like to see a company go bankrupt." Mark Williams, a finance lecturer at Boston University's Questrom School of Business, cautions that ramping up in a time of economic turmoil could be a risky move for TimberHP. "ere's a high probability that we're going to be moving into reces- sion, which is obviously not the best time" to come out of a Chapter 11 reorganization, he says. TimberHP says it has $29 mil- lion in fresh financing. O'Malia referred all requests for comment to Delaware-based lawyer Mark Felger at Cozen O'Connor, the firm represent- ing the company in the bankruptcy case. Felger did not return phone calls before this article went to press. TimberHP's gross revenues in 2024 were around $4.7 million. Once it gets back on its feet, it is projecting net rev- enues of $15.7 million between July and December 2025 and then $101.9 million in 2026. e company aims to return to profitability in 2026. When completed, the Madison facility will have the capacity to generate up to $170 million in sales, or about 2% of the U.S. residential and commercial insulation markets, according to the case filings. If the company achieves that goal, "that's a massive amount of insulation," says developer Jack Soley. He drives past the TimberHP factory a couple times a year and remains hopeful that the company will be able to close the chapter on Chapter 11 and get back on track to profitability. "If they do go bust, then I'm just back to plastic wallboard insulation or spray foam," Soley says. Either ending would make for a compelling follow-up to Gerritsen's 23-minute film about TimberHP, which fades out with an aerial view of the mill adjacent to the rushing Kennebec River below a gray, cloudy sky: "It's a film about possibility," he says. Gerritsen wants the film to inspire other communities to revitalize neglected infrastructure. He doesn't plan a sequel — that's up to TimberHP and the bankruptcy court. Renee Cordes, Mainebiz deputy editor, can be reached at rcordes @ mainebiz.biz Learn to make a difference. Developing leaders who lead with heart! " Service has always been a core value, but joining the SJC community gave me the guidance and support to put it into action. My roots can be traced back to this campus and I'll be forever grateful." Get started today at sjcme.edu/difference Ray Ruby '05 Executive Director Maine Cancer Foundation Proud Alum of Saint Joseph's College of Maine » C O N T I N U E D F RO M P R E V I O U S PA G E Workplace Safety, Wellness and Mental Health: The Business Role in Supporting Employee Well-Being JUNE 4 / 7:30–10:30AM / HILTON GARDEN INN FREEPORT DOWNTOWN LEARN MORE AND REGISTER NOW AT MAINEBIZ.BIZ/HCF25 SP ONSORED BY P A N E L I S T S T O B E A N N O U N C E D S O O N ! Gain valuable insights from our expert speakers, participate in engaging discussions, and network with like-minded individuals passionate about addressing challenges and seizing opportunities FOLLOW U S @M AI NEBI Z #MBHCF25 WEDNESDAY, JUNE 5 \\\\\\\\\\\ It's a film about possibility. — Josh Gerritsen Director of "The Comeback Mill" P H O T O S / C O U R T E S Y O F J O S H G E R R I T S E N Josh Gerritsen

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