Fraser Papers Inc., Toronto, Ont., Canada, this past week announced that the Ontario Superior Court of Justice has granted a further extension of the initial order under which the company, together with its subsidiaries, was granted creditor protection under the Companies' Creditors Arrangement Act (CCAA) of Canada. This extension is through October 29 and was supported by PricewaterhouseCoopers Inc., the court appointed monitor of the company's CCAA process.
Fraser also announced that it has obtained final approval from the court to complete the sale of its paper mill in Gorham, N.H., to an investment fund managed by MerchantBanc LLC of Manchester, N.H. Approval was also sought from the U.S. Bankruptcy Court for the District of Delaware at a subsequwent hearing this week. Fraser Papers expects to complete the sale of the Gorham mill on or before August 31.
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