The Finance Authority of Maine says it has approved loan insurance that'll help Twin Rivers Paper Co. maintain more than 600 jobs in Madawaska.
FAME is insuring 90 percent of a $5.3 million loan by the Canadian Imperial Bank of Commerce to provide working capital for Twin Rivers.
FAME says it's part of a larger financial package that will allow the paper company to retain 630 jobs in Madawaska, where it operates a paper mill, and 400 jobs in Edmundston, New Brunswick, where it operates a pulp and energy complex. The company also has a sawmill in New Brunswick.
FAME Chairwoman Susan Snowden says that with the cash infusion she expects the company to remain competitive in the global economy.