Fraser Papers Terminates Agreement to Sell New Hampshire Mill
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Fraser Papers Inc., Toronto, Ont., Canada, this week terminated an agreement to sell its paper mill in Gorham, N.H., USA. The company announced that the purchaser could not secure sufficient financing to complete the transaction. Fraser has begun contacting other parties to determine their interest in acquiring the mill.
The company also announced that it will close the mill indefinitely while it continues efforts to sell it. Fraser plans to shut down the Gorham mill indefinitely on or about October 13, depending on whether acceptable orders can be obtained. The company noted that the shutdown is due to current market conditions and is in no way reflective of the "outstanding dedication and commitment of the employees at the mill who have worked tirelessly to ensure Fraser Papers' paper products are of the highest quality."
In conjunction with the anticipated shutdown of the Gorham mill, Fraser has provided notice to the employees under the Worker Adjustment and Retraining Notification (WARN) Act. The company remains under creditor protection pursuant to the provisions of the Companies' Creditors Arrangement Act (CCAA) in Canada and Chapter 15 bankruptcy in the U.S.
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