Transaction|February 15, 2011
Fraser Papers implements restructuring plan sponsored by Brookfield Asset Management
Torys acted as counsel to Brookfield Asset Management, Brookfield US Corporation and Twin Rivers Paper Company with a team that included Tony DeMarinis, Scott Bomhof, Bill Gray, Natasha De Cicco, Alison Bauer, Adam Slavens and Tim Martin (restructuring and insolvency), David Chernos (litigation), Mitch Frazer, Joe Vicinanza, and Adrienne DiPaolo (employment and pension), Tom Zverina (lending), Cornell Wright, Michael Siltala, Karrin Powys-Lybbe, Andy Beck, Victoria Blond, Jamie Becker and Dan Doubilet (corporate/securities) and Sue-Anne Fox and Craig Pell (competition/anti-trust).
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.
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.