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Parsons owner wants to reopen By DAVID PRESZLER Parsons Pine Products could be up and running again as early as Monday, company president Mike Rasmussen said Tuesday. The company filed for Chapter 11 bankruptcy protection as expected Tuesday, staving off an auction of its equipment that was to begin today. "We're on track and getting things worked out," said Rasmussen. The longtime Ashland mill closed in February after its equipment was seized by court order. The equipment was listed as collateral on a $658,000 promissory note issued by Heller Financial Leasing. Heller foreclosed on the equipment after Parsons Pine Products defaulted on the note, failing to pay each of its $15,747 monthly payments since Sept. 4. The equipment was seized Feb. 2 and the mill closed at the end of the month, laying off its last 40 workers. The auction was to pay off the more than $600,000 in principal, interest and late fees on the note. But Rasmussen said he wasn't about to see the valuable equipment auctioned off. He said reopening the mill is the best way to pay all the company's debts. Money is also owed to former owners Jim Parsons and Jerry Sivin. Rasmussen said demand for the company's products, which include mousetrap bases and wooden louvers, is there. Rasmussen said he would like to reopen the mill with a few workers on Monday and increase the number from there. "We're going to start with a handful of people to finish the stuff we were working on when the equipment was seized," he said. "It's going to take time get back going but it's definitely possible that within the next few months we'll be there." The company's bank has indicated that they'll help finance the restart of the mill, Rasmussen said. The last-minute decision to file bankruptcy came after failed attempts to repay Heller before the auction, Rasmussen said. "What we tried very hard to do was to get the cash to pay Heller off," he said, noting that a potential investor emerged last week but nothing could be worked out with Heller. "We just kept trying every possible route other than bankruptcy," he said. "Finally, that was the only option left." Wayne Liska of Liska and Associates, the Grants Pass company hired to run the auction, got word Tuesday afternoon that it won't go forward. He said all the preparations had been made and potential bidders had begun arriving. Today's Business Index Mail Tribune Copyright � The Mail Tribune 1999, Medford, Oregon USA