Fraser Papers Announces Extension of CCAA Protection
Press release from the issuing company
Toronto, ON -- Fraser Papers Inc. (“Fraser Papers” or the “Company”) announced today that that the Ontario Superior Court of Justice (the “Court”) has granted an extension of the initial Order under which Fraser Papers, together with its subsidiaries, was granted creditor protection under the Companies’ Creditors Arrangement Act (Canada) (the “CCAA”). The extension is for 90 days through October 16, 2009 and was supported by PricewaterhouseCoopers Inc., the Court appointed Monitor of the Company’s CCAA process.
Fraser Papers also announced that on July 13, 2009, the U.S. Bankruptcy Court for the District of Delaware granted the Company’s motion for a recognition order recognizing the CCAA proceeding as a foreign main proceeding and granting ancillary relief, including a stay of proceedings.
The Court proceedings today also approved the terms of additional financing from the Government of New Brunswick which will be targeted toward the completion of the modernization of the Company’s lumbermill in Plaster Rock, New Brunswick. Fraser Papers expects construction to commence in the coming weeks with completion targeted for the end of the third quarter.
The Court also granted Fraser Papers’ request to commence a claims process to establish creditor claims that will require all creditors to submit claims to the Company for consideration. Claims under this process must be presented to the Company on or before September 30, 2009. Proof of claim information will be sent to creditors within the next 30 days and will be available on the Company’s web site (www.fraserpapers.com) and the monitor’s website (www.pwc.com/car-fraserpapers)
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