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December Birthdays!! George Stockbridge - 13th |
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News Briefs… In a reorganization plan that an Ontario judge will consider approving on Thursday, Fraser Papers would exit bankruptcy redesigned as a smaller company focused on specialty papers and majority owned by Brookfield Asset Management. The new firm would purchase pulp and paper mills in Edmundston, NB, and Madawaska, ME, and lumber mills in Plaster Rock and Juniper, NB, and spend the revenue from the sale along with $65 million on repaying Fraser’s creditors. Brookfield would convert its claim against Fraser Papers into a 51% common equity ownership in the new firm and the New Brunswick provincial government would convert its $35 million secured loan into equity. CIT Business Credit Canada would also provide a $50 million revolving credit facility. The new company also will sell common shares representing a 49% interest. To further generate revenue, the firm would sell non-core assets including the Gorham, NH paper mill, the Ashland and Masardis, ME, lumber mills, and the Thurso, QC, pulp mill. Competing bids for the purchase of assets that would form the new company also can be made to the court over the next two months. PPI PULP&PAPER WEEK/December 4, 2009 |
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Oh the Weather Outside is Frightful…… So Chris Brown of Highland-Urbandale, IA can attest to as he stands on the warm side of a snow drift of the storm that dropped some 15 inches on Wednesday! Stay safe guys! |
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Merry Christmas and a Healthy From your friends at |
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Brown’s Holiday Schedule 12/24—1/2 day 12/25—Closed 12/31—1/2 day |
