Peter Brant sells his Picasso to try to save White Birch from bankruptcy

Peter M. Brant, American businessman and owner of the White Birch Paper Company has sold a painting by Pablo Picasso reportedly in an effort to save his White Birch Paper Company from bankruptcy.

This information was disclosed during an Aug. 6 court hearing in Stamford, Connecticut, as part of Brant’s high-profile divorce from model Stephanie Seymour.

Brant's White Birch Paper company operates 3 pulp and paper mills in Quebec, and 3 in the US.

The painting in question, a powerfully grotesque late Picasso titled Le Baiser, painted in 1969 when the artist was 88, sold at Christie's London on June 23, 2010, for £12.1 million, or about $17.9 million.

The painting was originally acquired at auction in 2003 for £2.9 million, or $4.8 million, for a nice profit of about $13 million.

The sale of the Picasso has not salvaged his paper company. The White Birch Paper Holding Company is now to be sold at auction on September 1st. The bankruptcy court has put a minimum price of $90 million on the auction. The highest bidder will take over all assets of the White Birch Paper Holding Company.

Sixteen entities have filed their papers so far to participate in the auction.

White Birch owns the following Quebec mills:

• Stadacona in Quebec City - employs 600 people


• F.F. Soucy in Rivière-du-Loup - employs 200 people


• Papier Masson in Ottawa - employs 200

Ernst & Young Inc. is the Canadian court-appointed monitor for White Birch.

Sources:

Picasso sale funds paper mill (ArtNet)

$ 180 million for four plants Papiers White Birch (Google Translation from leSoleil)

White Birch Paper to be sold (EUWID)

Peter M. Brant (Wikipedia)