Fraser Papers Inc. General Creditor Trust

Page last updated: October 5, 2011

This page is for information purposes only and you should consult your professional adviser if you have any questions or are uncertain as to your rights or obligations.

As a result of the implementation of the Fraser Papers Inc. CCAA Plan, this trust was created to hold the cash available for distribution to creditors and the unsecured notes and shares (issued by Twin Rivers Paper Company Inc.), which were allocated to all creditors other than Pension Benefit Guaranty Corporation, the New Brunswick Hourly Plan and the New Brunswick Salaried Plan.

A report on the completion of the Fraser Papers Inc. CCAA Proceedings is available in the Monitor’s Final Report section of this website.

Status as of August 25, 2011

The first cash distribution was issued by cheque on August 25, 2011 to all creditors with accepted claims. The amount of the dividend was approximately 0.9% of each creditor's accepted claim. The distribution was made in Canadian dollars for those creditors who provided Canadian mailing addresses and in US dollars for all other creditors.

The date of the next distribution, if any, is currently unknown and is dependant on the realizations from the trusts remaining assets, principally being:

  1. The Workers Compensation Letters of Credit
  2. The Twin Rivers Promissory Notes
  3. The Twin Rivers common shares
  4. Miscellaneous receivables

These are all described in more detail in the Monitor's 20th report (starting at paragraph 24), available on this website by clicking on the Monitor's Final Report tab on the left hand side of this page.

Status as of August 11, 2011

A cash distribution is expected to be made available shortly of the cash that the trust has received and is currently available for distribution.

This Web site will be updated as information becomes available.

For more information, please contact: Tracey Weaver, Telephone: +1 416 814 5735, or via Email.