Fraser Papers Appoints Chief Restructuring Officer

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Fraser Papers Inc., Toronto, Ont., Canada, this week announced the appointment of Glen McMillan as chief restructuring officer of the company. McMillan will report to the board of directors and will oversee the completion of the restructuring of Fraser Papers and its subsidiaries under the Companies' Creditors Arrangement Act (CCAA) and Chapter 15 of the U.S. Bankruptcy Code. Peter Gordon, the company's CEO, resigned effective May 14, but will remain on the board of directors of Fraser Papers to assist in the remaining steps of the restructuring process.

On June 18, 2009, citing continued operating losses, weak markets for pulp and lumber, impending debt repayments and significant pension funding obligations, Fraser filed for creditor protection under the CCAA in Canada and Chapter 15 in the U.S. On April 28, 2010, the company sold its specialty papers business to Twin Rivers Paper Co., a newly incorporated company owned by its creditors. On April 30, it sold its hardwood pulp mill in Thurso, Qué., Canada, to Fortress Specialty Cellulose Inc. The company is currently in the process of selling its remaining assets, including the Gorham, N.H, USA, paper mill and its two lumber mills in northern Maine. Once the remaining assets are sold, the company intends to file a Plan of Arrangement for consideration by its creditors.