| Fraser Papers Signs Agreement to Sell New Hampshire Paper Mill |
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Toronto, Ontario, Canada, 04 November 2010 – Fraser Papers Inc. announced today that its subsidiary Fraser N.H. LLC, has reached an agreement to sell substantially all of its assets to MM Consulting and Contracting Company LLC. Financial terms of the transaction were not disclosed.
Until it closed indefinitely on 13 October 13, 2010, the company's paper mill in Gorham, New Hampshire, operated three paper machines and employed approximately 240 people. During 2009, the Gorham mill produced 80,000 tons of uncoated freesheet papers and 37,000 tons of towel products.
The transaction is expected to close in early December and is subject to approval of the Ontario Superior Court of Justice (Commercial List) and the United States Bankruptcy Court for the District of Delaware.
Fraser Papers remains under creditor protection pursuant to the provisions of the Companies’ Creditors Arrangement Act (CCAA), with its stay of proceedings having been extended by the court to 28 February 2011. |
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