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Tentative agreement reached for Appleton Coated

Posted at 10:41 PM, Sep 25, 2017
and last updated 2017-09-26 10:57:55-04

A judge has made a tentative agreement that could decide the fate of hundreds of Appleton Coated employees.

A hearing on the company's future continued for more than seven hours in Outagamie County court Monday.

The company is in receivership. 

It’s not official, but the judge said the mill can stay open for 45 days and keep nearly 200 employees. The other 400 employees would remain without a job. 

In the meantime, Appleton Coated's legal time will need to find a long term buyer who will operate the mill at full capacity. If a new buyer isn't found after the 45 day period, the company will go to Industrial Assets for $20 million.

There is no word on what Industrial Assets plans on doing with Appleton Coated.

County leaders say while the battle isn't over, they're heading in the right direction. 

"We are down by a few touchdowns and this was a really hard fought effort to get to the goal line. We are in over time right now," said Tom Nelson, Outagamie County Executive.

No word on when that 45-day period begins. The judge still has to approve a budget with Industrial Assets. A decision could be made by the end of the week.