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Fraser Papers Agrees to Sell Gorham, NH Paper Mill

May 26, 2010 - Fraser Papers said that its subsidiary Fraser N.H. LLC has reached an agreement to sell substantially all of its assets to an investment fund managed by MerchantBanc, LLC, of Manchester, NH.

Financial terms of the deal were not disclosed.

The paper mill in Gorham, New Hampshire currently operates three paper machines and produced 80,000 tons of uncoated freesheet papers and 37,000 tons of towel products in 2009.

Fraser expects the deal to close in late July and is subject to approval of the Ontario Superior Court of Justice (Commercial List) and the United States Bankruptcy Court for the District of Delaware.

Fraser Papers remains under creditor protection pursuant to the provisions of the Companies' Creditors Arrangement Act, with its stay of proceedings having been extended by the court to July 9, 2010.

SOURCE: Fraser Papers Inc.




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