Fraser Papers Extends Lifeline
After its June 13 filing under Companies’ Creditors Arrangement Act for bankruptcy protection, Fraser Papers of Toronto receives a reorganization extension from the Ontario Superior Court of Justice.
The extension is for 90 days through October 16, 2009, and was supported by PricewaterhouseCoopers, the court appointed monitor of Fraser Papers’ CCAA process. The company also announced that on July 13, 2009, the U.S. Bankruptcy Court for the District of Delaware, recognizing the CCAA proceeding as a foreign main proceeding, granted a stay of proceedings for Fraser Papers.
In a statement about the protection extension, Fraser Papers also noted the approval of additional financing from the Government of New Brunswick, which is to be targeted toward the completion of the company's lumber mill in Plaster Rock, New Brunswick. Fraser Papers expects construction on the modernization project to commence in the coming weeks, with completion targeted for the end of the third quarter.
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