Badger Paper Mills, Inc. November 1 Press Release.

PESHTIGO, Wis. -- Badger Paper Mills, Inc. announced today that it had agreed to the appointment of a state court receiver to oversee a court supervised sale of the company's assets. The receiver, Attorney Michael S. Polsky of Milwaukee, was appointed by the Circuit Court for Marinette County, Wisconsin. The company is working consensually with PNC Bank, National Association and its other creditors to engineer a sale of its assets through this process. Badger continues to operate its Oconto Falls facility and its wax room operations in Peshtigo under the auspices of the receiver pending the sale. Attorney Polsky advised the Court at a hearing conducted on October 27th that an entity formed by Meriturn Partners, LLC and the receiver had signed an asset purchase agreement to purchase the Oconto Falls operation and certain equipment from Badger's Peshtigo plant. The receiver hopes to entertain additional offers prior to a hearing to confirm the sale scheduled for mid-November. Pending the sale, the receiver has obtained financing to operate the company, so as to meet payroll obligations and to keep Badger's customers supplied.