Fraser Papers Names Glen McMillan as Chief Restructuring Officer
May 14, 2010 - Fraser Papers has named Glen McMillan as Chief Restructuring Officer of the Company. He will report to the Board of Directors and will oversee the completion of the restructuring of Fraser Papers and its subsidiaries under the Companies' Creditors Arrangement Act (CCAA) and Chapter 15 of the U.S. Bankruptcy Code.
McMillan has been Senior Vice President and Chief Financial Officer of the Company since April 2007.
Peter Gordon, the Fraser Paper's CEO, resigned effective May 14, 2010, but will remain on the Board of Directors to assist in the remaining steps of the restructuring process.
On June 18, 2009, citing continued operating losses, weak markets for pulp and lumber, impending debt repayments and significant pension funding obligations, the filed for creditor protection under the CCAA in Canada and Chapter 15 in the U.S.
On April 28, 2010, the company sold its specialty papers business to Twin Rivers Paper Company, a newly incorporated company owned by its creditors.
On April 30, Fraser Papers sold its hardwood pulp mill in Thurso, Quebec, to Fortress Specialty Cellulose Inc.
The company is currently in the process of selling its remaining assets, including the Gorham, New Hampshire paper mill and its two lumbermills in northern Maine. Once the remaining assets are sold, Fraser intends to file a Plan of Arrangement for consideration by its creditors.
SOURCE: Fraser Papers Inc.