White Birch Paper sale approved

The courts have approved the White Birch Paper Company sale to the Black Diamond Capital Management group of funds.

The company was sold at auction last week for $236 million. This amount is only roughly a third of what Peter Brant's group paid for the mills almost 10 years ago.

The new owners of the White Birch Paper Company are looking at debt exceeding $650 million.

Source:

Quebec Court Approves Sale of Newsprint Maker White Birch (Editor & Publisher)