White Birch Paper Co. and its subsidiaries have announced that they have received bids for the sale of their operations and will proceed with an auction on Sept. 21, 2010. White Birch is the second largest newsprint producer in North America, with operations in both Canada and the United States.
The company operates the following facilities: Bear Island, Ashland, Va.; F.F. Soucy, Rivière-du-Loup, Québec; Papier Masson, Gatineau, Québec; and Stadacona, Québec City, Québec.
White Birch indicated that operations will continue during the sale process, and that all bids are for the operations as a going concern. The company expects the results of the auction to be known at the conclusion of the auction, or shortly thereafter.
Final court approval of a winning bid will be sought in Canada on Sept. 24 and in the United States on Sept. 30. A sale is expected to be completed in late November 2010, subject to certain regulatory approvals and other conditions.
Information about the White Birch restructuring is available at the company’s website, www.whitebirchpaper.com
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