Fraser mill transfer nears completion
A new company called Twin Rivers Paper Co. is slated to take over Fraser Papers's specialty paper business, including its Madawaska operation.
Toronto-based Fraser announced yesterday the name of the new company, which will own the pulp, energy and paper operations in Madawaska and Edmundston, N.B., as well as two lumber mills in New Brunswick, according to a press release from the company. Previously known as Newco, the name Twin Rivers reflects the operations' proximity to the Madawaska and Saint John rivers. Though unveiled yesterday, the name will not officially be used until the sale of the specialty papers business is completed, expected to happen in early April, according to the release. Courts in Canada and the United State must give final approval to the sale of Fraser's specialty paper business.
Fraser has been negotiating with the bankruptcy court and its debtors to spin off its specialty paper business as part of its restructuring proposal. Over the weekend, union workers in Canada accepted a revised contract, one month after negotiating a contract in Maine, according to the Bangor Daily News. Company officials had said without new contracts, Fraser would be forced to close its operations in Madawaska and New Brunswick.
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