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White Birch sale approved by Quebec court, still needs U.S. approval (December 01, 2010)


December 1, 2010
By Pulp & Paper Canada

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The US$236-million sale of White Birch Paper Company, which owns three newsprint mills in Canada, to BD White Birch Investment, LLC, has been approved by a Quebec court. The company has been in bankru…

The US$236-million sale of White Birch Paper Company, which owns three newsprint mills in Canada, to BD White Birch Investment, LLC, has been approved by a Quebec court. The company has been in bankruptcy protection since February.

The sale of White Birch’s assets also includes a mill in Virginia, and the deal still needs approval of the U.S. bankruptcy courts.

The majority owners of BD White Birch are funds managed by Black Diamond Capital Management, and its affiliates, with Caspian Capital Advisors also participating as equity owners.