Fraser Papers Inc. announced today that the Ontario Superior Court of Justice has granted a further extension of the initial Order under which Fraser Papers, together with its subsidiaries, was granted creditor protection under the Companies’ Creditors Arrangement Act. This extension is through October 29, 2010 and was supported by PricewaterhouseCoopers Inc., the Court appointed Monitor of the Company’s CCAA process.
The Company also announced that it has obtained final approval from the Court to complete the sale of its paper mill in Gorham, New Hampshire to an investment fund managed by MerchantBanc, LLC, of Manchester, New Hampshire. Approval will also be sought from the United States Bankruptcy Court for the District of Delaware at a hearing scheduled for July 14, 2010. Fraser Papers expects to complete the sale of the Gorham mill on or before August 31, 2010.
News within the industry of pulp and paper, Apr, 27 2025
