Consumables

Fraser Papers Obtains Court Approval to Sell New Hampshire Paper Mill

Wednesday 08. December 2010 - Fraser Papers Inc. (together with its subsidiaries, "Fraser Papers" or the "Company") announced today that it has received the necessary court approvals to complete the sale of the Company's paper mill in Gorham, New Hampshire to Counsel RB Capital, LLC ("Counsel"). The Company signed an agreement with Counsel on November 27, 2010.

The transaction was approved by the Ontario Superior Court of Justice (Commercial List) on December 3, 2010. The Company and Counsel have agreed that the transaction will be completed on December 16, 2010.
Prior to it being closed indefinitely on October 13, 2010, the paper mill in Gorham, New Hampshire operated three paper machines and employed approximately 240 people. During 2009, the Gorham mill 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”), with its stay of proceedings having been extended most recently to February 28, 2011.