White Birch Paper to Auction Company Sept. 21
Sept. 20, 2010 - White Birch Paper Company and its subsidiaries said that they have received bids for the sale of their operations and will proceed with an auction on Tuesday, September 21, 2010.
White Birch indicated that operations will continue as normal during the sale process and that all bids are for the operations as a going concern.
The company expects the results of the auction to be known at the conclusion of the auction, or shortly thereafter.
Final court approval of a winning bid will be sought in Canada on September 24 and in the U.S. on September 30, White Birch said.
A sale is expected to be completed in late November 2010, subject to certain regulatory approvals and other conditions, the company added.
Information about the White Birch restructuring is available at the Company’s website, www.whitebirchpaper.com
White Birch is the second largest newsprint manufacturer in North America, with operations in both Canada and the United States.
SOURCE: White Birch Paper Company