TORONTO -- Fraser Papers has completed the sale of its two Canadian mills, located at Thurso, Que. and Edmunston, N.B., in two separate transactions, leaving the insolvent paper company with no Canadian pulp and paper operations.
The Thurso mill was sold to Fortress Paper (see page 8 for details). The Edmunston facility was sold as part of the specialty papers business, along with a mill in Madawaska, Maine, and two New Brunswick sawmills, to Twin Rivers Paper Company. Twin Rivers was formed by creditors of Fraser Papers.
Once Fraser Papers sells its remaining U.S. assets, the company will use the proceeds to settle the remaining secured claims, prior to distributing any remaining proceeds to unsecured creditors.
Fraser Papers was formed in 2004, from some assets of Norbord.