White Birch Selects Best Auction Offer

BD White Birch Investment LLC submitted the highest and best offer for the White Birch Paper Co., Greenwich, Conn., USA, at a previously announced September 21 auction. BD White Birch's majority owners include funds managed by Black Diamond Capital Management and its affiliates. In addition, Caspian Capital Advisors are equity owners. White Birch is currently seeking final approval of the sale at hearings in Canada and the U.S.

White Birch operations in Canada and the U.S. are expected to continue normally during the sale process. With court approval, the sale may be completed in late November.

Information about the White Birch restructuring is available at the company's website or by calling (888) 232-0287. Black Diamond Capital Management, L.L.C. is an alternative asset management firm with over $5 billion in assets.

TAPPI
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