White Birch Paper Announces Auction Results

Sept. 24, 2010 - White Birch Paper Company and its subsidiaries said that BD White Birch Investment, LLC has submitted the highest and best offer for the company’s operations at an auction held on September 21.

Funds managed by Black Diamond Capital Management, L.L.C. and its affiliates are the majority owners of BD White Birch, with Caspian Capital Advisors LLC also participating as equity owners.

White Birch expects to seek final approval of the sale at hearings in Canada and the U.S. scheduled for September 24 and September 30, respectively.

White Birch indicated that operations will continue as normal during the sale process.

If approved by the Courts, the sale is expected to be completed in late November 2010, subject to certain regulatory approvals and other conditions.

SOURCE: White Birch Paper Company

See related story:
White Birch Paper to Auction Company Sept. 21 (9/20/2010)