"We are very excited and pleased that the transaction has closed so that we can move forward with our plans to create a true landmark property for St. Marys and the region," LandMar Group LLC president and CEO Edward Burr says. "Our focus now is on securing the Tax Assisted District to help fund the intensive clean up required of this former mill site."

The sale was completed as part of a plan to liquidate the assets of the Durango Georgia Paper Co. An involuntary Chapter 7 bankruptcy petition was filed against the company in October 2002. The debtor converted its case to a voluntary Chapter 11 in November 2002. Savannah-based Bridge Associates was appointed as trustee in the case under terms of the liquidation plan approved by creditors and confirmed by the bankruptcy court in June 2004. A bankruptcy court judge approved the sale of the property to LandMar Group in December 2005.

In addition to the paper mill, LandMar acquired plant equipment and about 2,700 acres of nearby timberland for $5.64 million. With the sale of the assets to LandMar and other companies, creditors are expected to reap $51.7 million under the liquidation plan.

"When we began this process, it appeared that there was virtually no interest in the assets of the former paper mill," says Bridge Associates managing director Anthony Schnelling. "The transaction that just closed not only offers substantial recovery for the creditors of the bankruptcy estate, but it also provides significant relief for the former mill employees."