A major industry in Opp has filed for bankruptcy. But, according to company officials, all is not lost.
Last month, Johnston Industries, Inc., the parent company of Opp-Micolas mills, filed for Chapter 11 bankruptcy. The company employs nearly 1,600 workers at all of its plants in Alabama and Iowa. Company officials say workers at the Opp-Micolas mills produce a very high quality product, but more businesses are simply interested in a cheaper quantity.
The company has received approval for a finance package, and all of the lenders are agreeable to the plan that has been put together. The Opp-Micolas mills will continue operating, as the parent company works it way out of bankruptcy.
Company officials said the mills will not be closed, but there will be downsizing. The company will restructure, and focus on niche products, in order to make the mills more competitive