Fraser Completes Sale of Specialty Papers Business to Twin Rivers Paper

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Fraser Papers Inc. (together with its subsidiaries, "Fraser Papers") reported this week that it has completed the previously announced sale of its specialty papers business to Twin Rivers Paper Co., South Portland, Maine, USA. Twin Rivers is comprised of the core businesses of Fraser Papers, and the part that emerged this week from creditor protection. Twin Rivers now consists of the Madawaska, Maine, paper mill, the Edmundston, N.B., Canada, pulp mill and cogeneration facility, and the sawmills in Plaster Rock and Juniper, N.B. Jeffrey C. Dutton is the president and CEO of Twin Rivers.

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 July 9, 2010. Its remaining assets are in the process of being sold.