Greenwich, Connecticut, USA, 22 September 2010 -- (BUSINESS WIRE) -- White Birch Paper Company and its subsidiaries today announced that BD White Birch Investment, LLC has submitted the highest and best offer for the company’s operations at an auction held on 21 September.
Funds managed by Black Diamond Capital Management, LLC and its affiliates are the majority owners of BD White Birch, with Caspian Capital Advisors LLC also participating as equity owners. White Birch expects to seek final approval of the sale at hearings in Canada and the United States scheduled for 24 and 30 September, respectively.
White Birch indicated that operations will continue as normal during the sale process. If approved by the courts, the sale is expected to be completed in late November 2010, subject to certain regulatory approvals and other conditions.
Information about the White Birch restructuring is available at www.whitebirchpaper.com or via the company’s restructuring information line at 888-232-0287.
White Birch is the second largest newsprint manufacturer in North America, with operations in Canada and the United States.
Black Diamond Capital Management, founded in 1995, is a leading alternative asset management firm with more than USD 5 billion in assets under management across complementary control distressed, private equity, hedge fund, and CLO vehicles. Black Diamond has offices in Greenwich, Connecticut, and Lake Forest, Illinois, USA.