Mercer Offers $26 Million Opening Bid for Bankrupt Klausner - Global Paper Money

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Mercer Offers $26 Million Opening Bid for Bankrupt Klausner

DELAWARE (From news reports) -- Mercer International has offered a $26 million stalking horse bid for bankrupt lumber producer Klausner Lumber One LLC's assets up for sale in an upcoming bankruptcy auction.

Mercer, a Canadian operator of pulp mills producing tissues and other paper products, will receive a break-up fee of $520,000 and reimbursement of its expenses up to $260,000 if another bidder wins the auction.

Other qualified bids must be at least $220,00 greater than Mercer's stalking horse bid, plus the fees to be paid to Mercer, according to the U.S. Bankruptcy Court for the District of Delaware.

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