Fraser Papers Inc. announced that its subsidiary, Fraser N.H. LLC, has reached an agreement to sell substantially all of its assets to an investment fund managed by MerchantBanc, LLC, Manchester, NH.
The paper mill, located in Gorham, N.H., operates three paper machines. The mill produced 80,000 tons of uncoated freesheet papers and 37,000 tons of towel products last year.
The transaction is expected to close in late July and is subject to approval of the Ontario Superior Court of Justice and the United States Bankruptcy Court for the District of Delaware.
Fraser Papers remains under creditor protection pursuant to the provisions of the companies’ Creditors Arrangement Act, with its stay of proceedings having been extended by the court to July 9, 2010.
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