Sale of Fraser's Madawaska mill approved
Courts in both the United States and Canada have given final approval to Fraser Paper's plan to sell its specialty paper business, including its Madawaska paper mill, to a new company.
The Ontario Superior Court of Justice on Tuesday and signed off on Toronto-based Fraser's plan to sell a portion of its company to newly formed Twin Rivers Paper Co. Inc., according to a press release. The U.S. Bankruptcy Court in Delaware approved it a day later. Fraser will sell its pulp, energy and paper operations in Madawaska and Edmundston, N.B., as well as two lumber mills in New Brunswick as part of its bankruptcy restructuring proposal. The company's creditors will receive a 49% interest in Twin Rivers, while Brookfield Asset Management, a secured creditor, will convert its claim against Fraser into a 51% interest in the new company.
The transaction is expected to close within the next few weeks, according to the release.
Most Recent
Most Recent
Comments