TORONTO — Fraser Papers Inc., together with its subsidiaries, has initiated a court-supervised restructuring under the Companies’ Creditors Arrangement Act in the Ontario Superior Court of Justice an…
TORONTO — Fraser Papers Inc., together with its subsidiaries, has initiated a court-supervised restructuring under the Companies’ Creditors Arrangement Act in the Ontario Superior Court of Justice and will be seeking similar relief in U. S. bankruptcy court.
Fraser Papers has been working with employees, suppliers, customers, and governments over many months in an effort to reduce costs, improve fibre access, and optimize operations in a challenging environment.
“Unlike many restructurings, the court filing was not the result of excessive leverage,” says Peter Gordon, CEO. “Our paper business remains profitable, particularly the specialty packaging and printing segments where there are opportunities to grow in a number of key segments. However, weak pulp and lumber markets have drained our limited resources, more than offsetting the progress in our paper business.”
Fraser Papers has operations in New Brunswick, Maine, New Hampshire, and Quebec.
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