Klausner and Halifax County Reach Revised Settlement in Bankruptcy Court

United States Bankruptcy Judge Karen B. Owens, in Delaware, has approved a revised settlement between Halifax County North Carolina and Klausner II, a proposed sawmill in the area around Enfield North Carolina, which started construction in 2014, but the project was never completed. Under the terms of the revised settlement there remains an $11 strike price (sales price goal) but instead of the county receiving $4.5 million, it would receive $4.6 million. The first $1.5 million would be paid by the debtor (Klausner II). The ruling goes onto say that in the event Klausner and the county are unable to sell the property for the strike price the county would be free to sell the property on its own terms and Klausner would be free to sell the personal property (structure and contents) on its own terms.

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Judge approves revised settlement between county, Klausner