On February 15, 2011 Fraser Papers Inc. and its subsidiaries (Fraser) implemented a consolidated plan of arrangement and compromise in their cross-border proceedings under the Companies’ Creditors Arrangement Act and Chapter 15 of the U.S. Bankruptcy Code. The plan included the sale to Brookfield US Corporation of the U.S. companies in the Fraser organization and their lumber mill businesses.
The restructuring plan was sponsored by Brookfield and followed Fraser’s April 2010 sale of its specialty papers business to Twin Rivers, a company 51% owned by Brookfield. In addition to the plan sponsorship and acquisitions, Brookfield provided debtor-in-possession financing to Fraser throughout its restructuring proceedings.
Brookfield Asset Management, headquartered in Toronto, is a global asset management company focused on property, power and infrastructure assets.
Twin Rivers Paper Company is a Canada-based integrated specialty paper company that manufactures publishing, packaging and label papers for targeted markets and applications.
Fraser Papers is a Canada-based integrated specialty paper company.
Further information about this transaction is found on Fraser's website.