Fraser Papers Signs Agreement to Sell New Hampshire Mill
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Fraser Papers Inc., Toronto, Ont., Canada, announced this week that its subsidiary Fraser N.H. LLC has reached an agreement to sell substantially all of its assets to MM Consulting and Contracting Co. Financial terms of the transaction were not disclosed.
Until it closed indefinitely on October 13, the paper mill in Gorham, N.H., USA, operated three paper machines and employed approximately 240 people. During 2009, the Gorham mill produced 37,000 tons of paper towel products and 80,000 tons of uncoated freesheet papers. The transaction is expected to close in early December and is subject to approval of the Ontario Superior Court of Justice (Commercial List) and the U.S. Bankruptcy Court for the District of Delaware.
Fraser Papers remains under creditor protection pursuant to the provisions of the Companies' Creditors Arrangement Act (CCAA), with its stay of proceedings having been extended by the court to February 28.
   
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