Friday, June 19, 2009
Fraser Paper Seeks Bankruptcy Protection
Fraser Papers Inc. announced restructuring for both Canada and the United States. Fraser said weak lumber and pulp markets have led to losses and offset profits in its paper business. The company also cited a pension-funding shortfall as a reason for the Chapter 15 bankruptcy filing. The company's two paper mills in Madawaska, Maine and Gorham, N.H. will continue to operate without disruption, manufacturing specialty paper products for existing customers.
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Anyone care to guess how much longer the Fraser mills will be around? Sad to see this mill 'die'. They were the first to understand they had to make a change - modify equipment to produce more profitable grades, and, even this did not prove to be a successful model.
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