The New Brunswick government is providing financial support as part of the acquisition of majority ownership in Twin Rivers Paper Co. by Blue Wolf Capital Partners and Atlas Holdings LLC.
The New Brunswick government is providing financial support as part of the acquisition of majority ownership in Twin Rivers Paper Co. by Blue Wolf Capital Partners and Atlas Holdings LLC.
“Our support will ensure the company remains a major economic generator in the region and the province, and maintains a long-term future in the forestry sector of New Brunswick,” said Economic Development Minister Paul Robichaud.
In Edmundston on June 10, Robichaud and Social Development Minister Madeleine Dubé joined officials of Blue Wolf Capital Partners and Atlas Holdings LLC, the new ownership group of Twin Rivers Paper Co.
“We are turning our attention to building a growing, profitable business,” said Tim Lowe, newly appointed chief executive officer of Twin Rivers Paper Co. “We are focused on bringing new resources, operational expertise and a commitment to the future of the business.”
As part of an agreement with the new owners, the New Brunswick government may provide a repayable loan of up to $35 million with a matching loan from the majority ownership group. The New Brunswick government will convert preferred shares in Twin Rivers to common shares, representing 5% of equity of ownership in the company as well as a restructuring of an existing letter of credit.
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