Mebane Letter to Creditors

Letter provides more information on why the mill decided to close. Mebane provides three specific reasons: 1) liquidating now will allow the company to pay off all its creditors 2) projected losses would threaten ability to pay off loans 3) mill would suffer further financial losses based on future market projections. The company has also selected a company willing to buy its machinery and has plans in place for future sales of assets. Also notes that the company will try to avoid bankruptcy