Fraser Papers appoints chief restructuring officer

On June 18, 2009, citing continued operating losses, weak markets for pulp and lumber, impending debt repayments and significant pension funding obligations, the Company filed for creditor protection under the CCAA in Canada and Chapter 15 in the U.S. On April 28, 2010, the Company sold its specialty papers business to Twin Rivers Paper Company, a newly incorporated company owned by its creditors. On April 30, Fraser Papers sold its hardwood pulp mill in Thurso, Québec, to Fortress Specialty Cellulose Inc. The Company is currently in the process of selling its remaining assets, including the Gorham, New Hampshire paper mill and its two lumbermills in northern Maine. Once the remaining assets are sold, the Company intends to file a Plan of Arrangement for consideration by its creditors.