Fraser Papers Obtains Court Approval to Sell New Hampshire Mill
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Fraser Papers Inc., Toronto, Ont., Canada, this week reported that it has received necessary court approvals to complete the sale of its paper mill in Gorham, N.H. to Counsel RB Capital, LLC. Fraser signed an agreement with Counsel this past November 27.
The transaction was approved by the Ontario Superior Court of Justice (Commercial List) on December 3. The company and Counsel have agreed that the transaction will be completed on December 16.
Prior to it being closed indefinitely on October 13, 2010, the Gorham mill operated three paper machines and employed approximately 240 people. During 2009, it produced 80,000 tons of uncoated freesheet papers and 37,000 tons of towel products.
Fraser Papers remains under creditor protection pursuant to the provisions of the Companies' Creditors Arrangement Act (CCAA) of Canada, with its stay of proceedings having been extended most recently to February 28.
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