Fraser Papers Files for Bankruptcy
Specialty packaging and printing paper producer Fraser Papers has sought out bankruptcy protection in the United States and Canada. Fraser and its subsidiaries have initiated a court-supervised restructuring under the Companies' Creditors Arrangement Act in Canada and will be seek similar relief under Chapter 15 of the U.S. Bankruptcy Code. Fraser will continue its routine business operations.
Generally speaking, Chapter 15 helps sort out bankruptcy cases that involve parties (debtors, assets, claimants, etc.) from more than one country. Fraser is based in Toronto.