| February 24, 2010 |
On February 24, 2010, the Ontario Superior Court of Justice (Commercial Court) issued an order extending the CCAA stay to April 9, 2010. The Court also approved an agreement in principle among Fraser Papers, the CEP, and the Superintendent of Pensions for the Province of New Brunswick to enter into an agreement to satisfy the condition precedent under the APA that all references to defined benefit pension plans be removed from the collective agreements between the CEP and Fraser Papers. The APA must still receive the final approval of the Court prior to any closing of the sale transaction under the APA. |
| December 10, 2009 |
On December 10, 2009 the Ontario Superior Court of Justice (Commercial Court) issued an order extending the CCAA stay to February 26, 2010 to allow for the execution of an Asset Purchase Agreement ("APA"). The Ontario Superior Court of Justice issued an order authorizing the Company to execute an APA with Brookfield Asset Management Inc. ("BAM") for the sale of the Company's specialty papers business to a newly incorporated subsidiary of BAM ("Newco"). Under the APA, unsecured creditors will receive 49% of the common shares of Newco (which have an ascribed value of $25 million) and a $42.4 million non-interest bearing promissory note of Newco with a 10-year maturity. The sale of these assets will occur through a stalking horse bid process, pursuant to which other bids for Fraser Papers' assets may be submitted. The final transaction will require further court approval. |
| December 2, 2009 |
On December 2, 2009 the Ontario Superior Court of Justice (Commercial Court) issued an order extending the CCAA stay to December 11, 2009. |
| October 22, 2009 |
On October 22, 2009 the Ontario Superior Court of Justice (Commercial Court) issued an order extending the CCAA stay to December 4, 2009 and extending the claims bar date to October 30, 2009. |
| September 18, 2009 |
The CSER approved the addition of two new members by a majority vote. The CSER welcomes Paul Des Rosiers and Paul Schriver, both former employees of Fraser Papers. |
| September 17, 2009 |
On September 17, 2009 the Ontario Superior Court of Justice (Commercial Court) granted a representation order appointing Davies as representative counsel for all non-unionized employees, former employees (except former members of the USW and the CEP) and beneficiaries. |
