White Birch gets highest offer at auction from Black Diamond affiliate

By Lisa Kerner

Charlotte, N.C., Sept. 23 - White Birch Paper Co. said BD White Birch Investment, LLC submitted the highest and best offer for the company's operations at the auction held on Tuesday.

Funds managed by Black Diamond Capital Management, LLC and its affiliates are the majority owners of BD White Birch, according to a White Birch news release.

Caspian Capital Advisors LLC participated as equity owners.

The company did not provide details of BD White Birch's offer.

White Birch said it expects to seek final approval of the sale at a hearing in Canada on Sept. 24 and at a hearing in the United States on Sept. 30.

The sale is expected to be completed in late November.

White Birch, a Halifax, Nova Scotia, pulp and paper mill operator, filed for bankruptcy on Feb. 24, 2010 in the U.S. Bankruptcy Court for the Eastern District of Virginia. Its Chapter 15 case number is 10-31234.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.