OLD TOWN – The potential buyer of the Georgia-Pacific Corp. mill continues to review its business plan for purchasing the property.

“The only remaining question is the business model and if it works for them, for the buyers,” State Economic Development Director Jack Cashman said Friday. “If it does, then we’ve got a deal.”

A spokesman from Cascades Inc. of Montreal, the company believed to be the frontrunner in purchasing the mill, still wouldn’t confirm Friday the company’s involvement in the purchase.

“We visited the mill, and there are some things that are interesting, but that’s all we can say,” Hubert Bolduc, a spokesman for Cascades, said Friday.

When G-P announced more than four months ago it was closing the Old Town facility and associated chip mills, the company agreed to work with the state to find a buyer. The mill closure put more than 450 people out of work.

“It’s taking longer than any of us would like, but this is a major investment,” Cashman said.

In addition to the purchase price, Cashman noted that there are upgrades to the facility that need to be considered as well.

He pointed out that the state continues to talk to G-P and the potential buyer on a daily basis.

“Do I wish it was going faster? Absolutely,” Cashman said. “But you can’t rush these things.”

Although he wouldn’t confirm the level of Cascade’s interest, Bolduc did say that he didn’t hear anything throughout the week regarding review of the business proposal.

“I couldn’t say if there was any developments either way, positive or negative,” Bolduc said.