| Fraser Papers to Sell New Hampshire Paper Mill |
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Toronto, Ontario, Canada, 07 December 2010 – Fraser Papers Inc. announced today that it has received the necessary court approvals to complete the sale of the company's paper mill in Gorham, New Hampshire, USA, to Counsel RB Capital, LLC). The company signed an agreement with Counsel on 27 November 2010.
The transaction was approved by the Ontario Superior Court of Justice (Commercial List) on 03 December 2010. The company and Counsel agreed that the transaction would be completed on 16 December 2010.
Before it was closed indefinitely on 13 October 2010, the paper mill in Gorham 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.
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 most recently to 28 February 2011. |
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