21 July 2009
Fraser Papers gets creditor protection
TORONTO—Fraser Papers Inc., which filed for bankruptcy on June 16, has been granted creditor protection by an Ontario court until Oct. 16. PricewaterhouseCoopers Inc., the court appointed monitor, supported the extension.

A U.S. court granted similar protection earlier this week.

The court also authorized funding from the New Brunswick government that Fraser will use to modernize its lumber mill in Plaster Rock, N.B. The plant is expected to be completed by the fall.

Fraser Papers produces specialty packaging and printing, specialty high-bright groundwood, commodity freesheet and commodity groundwood papers, and towel, hardwood pulp and softwood lumber. It blamed weak pulp and lumber markets and low demand, as well as a pension-funding shortfall for the original bankruptcy filing.

The company has operations in New Brunswick, Toronto, Québec, Maine, and New Hampshire, and reported revenues of $688 million in 2008.

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