Weak Timber Industry Forces Fraser Into Ch. 15

Law360, New York (June 18, 2009, 12:00 AM EDT) -- Canadian paper company Fraser Papers Inc. has filed for Chapter 15 bankruptcy protection in order to protect its U.S. assets as it restructures its operations in the wake of continued operating losses, weak demand for pulp and lumber, and impending debt repayments.

In a petition filed Thursday in the U.S. Bankruptcy Court for the District of Delaware, the Toronto-based company and five subsidiaries asked the court to recognize the court-supervised restructuring it is seeking in the Ontario Superior Court of Justice under the Companies’ Creditors Arrangement...
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