Fraser Papers Inc. General Creditor Trust

Fraser Papers Inc. General Creditor Trust

^{Page last updated: March 6, 2018}

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.

Status as of March 6, 2018

On March 6, 2018, the Monitor made the third interim distribution from the Creditors Trust to all creditors with accepted claims for a pro-rata share of funds available from the Fraser Papers Creditors Trust.  

Status as of February 27, 2018

On March 6, 2018, the Monitor intends to make a third interim distribution from the Creditors Trust to all creditors with accepted claims for a pro-rata share of funds available from the Fraser Papers Creditors Trust.  

The amount of this third interim distribution equates to a dividend rate of 13.1% of each creditor's accepted claim, which represents a distribution of approximately US $13.75 million (equivalent to approximately Cdn $17.20 million).  The funds being distributed have been principally generated from the early repayment (in full) of the US $13.2 million Twin Rivers Promissory Note (issued to the Trust in 2010 as part of the sale of the specialty paper business to Twin Rivers) along with miscellaneous recoveries received. 

The distribution will be made in Canadian dollars to those creditors who provided Canadian mailing addresses and US dollars for all other creditors.  In order to ensure prompt receipt of this dividend, creditors who have recently moved are advised to notify PwC of their change of address (please contact Ms. Natalia Chtcherbakova of PwC at (416) 941 8383 ext. 14676 for all such notifications - proof of identity and new address will be required to make any change of address (such as a copy of a driver's licence and/or a property tax bill)).

Once this third distribution has been made, total cash distributions to creditors to date will be 14.5% of their accepted claim.   

The timing of any future distributions is currently unknown and is dependent on the realizations from the remaining asset, which are principally some miscellaneous receivables, any remaining refunds of security still held to secure outstanding workers compensation claims and a remaining 0.5% share holding in Twin Rivers Paper Company Inc.

Please contact Ms. Natalia Chtcherbakova of PwC at (416) 941 8383 ext. 14676 if you have any questions in respect of the dividend.  Updates will be made to this website as circumstances dictate.

Status as of July 20, 2015

On July 13, 2015, the Monitor made a second interim distribution from the Creditors Trust to all creditors with accepted claims for a pro-rata share of funds available from the Fraser Papers Creditors Trust. The amount of the $525,000 Canadian was available for distribution from collections made since the last interim distribution, being approximately 0.5% of each creditor’s accepted claim. The distribution was made in Canadian dollars for those creditors who provided Canadian mailing addresses and US dollars for all other creditors.

The date of the next distribution is currently unknown and is dependent on the realizations from the remaining assets as previously stated.

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: Natalia Chtcherbakova, Telephone: +1 416 941 8383 ext 14676, Fax: +1 416 814 3219, or via Email.