Fraser Papers Inc. General Creditor Trust

Documents

Fraser Papers Inc. General Creditor Trust

^{Page last updated: August 26, 2024}

This page is for information purposes only and you should consult your professional adviser if you have any questions or are uncertain as to your rights or obligations.

Status as of August 26, 2024

On August 23, 2024, the 4^th distribution was made to all creditors with accepted claims for a pro-rata share of funds available from the Fraser Papers Creditors Trust.

The 4^th distribution was for a total amount of Cdn$1.2 million, which equates to a dividend rate of 1.19% of each creditor's accepted claim. Total cash distributions to creditors to date now total 18.99% of their accepted claim.

The distribution was made by cheque, in Canadian dollars to those creditors who provided Canadian mailing addresses and in US dollars for all other creditors.

The quantum and timing of any future distribution is not yet determinable.

All queries in respect of this dividend distribution should be directed via email to ca_cmt_processing@pwc.com

Status as of Jul 25, 2024

PwC as Trustee intends to make a fourth distribution in late August of 2024, to all creditors with accepted claims for a pro-rata share of funds available from the Fraser Papers Creditors Trust.

The currently available amount for distribution is $1.2 million, which equates to a dividend rate of 1.19% of each creditor's accepted claim. The distribution, which will be made by cheque, will be in Canadian dollars to those creditors who provided Canadian mailing addresses and US dollars for all other creditors.

In order to ensure prompt receipt of this dividend, creditors who have moved since they last provided their address to PwC are advised to notify PwC of their address changes by no later than August 15, 2024. Please submit all address change requests via email to ca_cmt_processing@pwc.com, together with a copy of ID as proof of your identity (such as a copy of a government issued ID, property tax bill, or similar). Please ensure to include your new and your old address in your request, as well as your creditor’s name and contact phone number.

Once this distribution has been made, total cash distributions to creditors to date will be 18.99% of their accepted claim. All queries in respect of this dividend distribution should be directed via email to ca_cmt_processing@pwc.com

Updates will be made to this website as circumstances dictate, including when the dividends have been issued.

Status as of March 6, 2018

On March 6, 2018, the Monitor made the third interim distribution from the Creditors Trust to all creditors with accepted claims for a pro-rata share of funds available from the Fraser Papers Creditors Trust.

Status as of February 27, 2018

On March 6, 2018, the Monitor intends to make a third interim distribution from the Creditors Trust to all creditors with accepted claims for a pro-rata share of funds available from the Fraser Papers Creditors Trust.

The amount of this third interim distribution equates to a dividend rate of 13.1% of each creditor's accepted claim, which represents a distribution of approximately US $13.75 million (equivalent to approximately Cdn $17.20 million). The funds being distributed have been principally generated from the early repayment (in full) of the US $13.2 million Twin Rivers Promissory Note (issued to the Trust in 2010 as part of the sale of the specialty paper business to Twin Rivers) along with miscellaneous recoveries received.

The distribution will be made in Canadian dollars to those creditors who provided Canadian mailing addresses and US dollars for all other creditors. In order to ensure prompt receipt of this dividend, creditors who have recently moved are advised to notify PwC of their change of address (please contact Ms. Natalia Chtcherbakova of PwC at (416) 941 8383 ext. 14676 for all such notifications - proof of identity and new address will be required to make any change of address (such as a copy of a driver's licence and/or a property tax bill)).

Once this third distribution has been made, total cash distributions to creditors to date will be 14.5% of their accepted claim.

The timing of any future distributions is currently unknown and is dependent on the realizations from the remaining asset, which are principally some miscellaneous receivables, any remaining refunds of security still held to secure outstanding workers compensation claims and a remaining 0.5% share holding in Twin Rivers Paper Company Inc.

Please contact Ms. Natalia Chtcherbakova of PwC at (416) 941 8383 ext. 14676 if you have any questions in respect of the dividend. Updates will be made to this website as circumstances dictate.

Status as of July 20, 2015

On July 13, 2015, the Monitor made a second interim distribution from the Creditors Trust to all creditors with accepted claims for a pro-rata share of funds available from the Fraser Papers Creditors Trust. The amount of the $525,000 Canadian was available for distribution from collections made since the last interim distribution, being approximately 0.5% of each creditor’s accepted claim. The distribution was made in Canadian dollars for those creditors who provided Canadian mailing addresses and US dollars for all other creditors.

The date of the next distribution is currently unknown and is dependent on the realizations from the remaining assets as previously stated.

Status as of August 25, 2011

The first cash distribution was issued by cheque on August 25, 2011 to all creditors with accepted claims. The amount of the dividend was approximately 0.9% of each creditor's accepted claim. The distribution was made in Canadian dollars for those creditors who provided Canadian mailing addresses and in US dollars for all other creditors.

The date of the next distribution, if any, is currently unknown and is dependant on the realizations from the trusts remaining assets, principally being:

The Workers Compensation Letters of Credit
The Twin Rivers Promissory Notes
The Twin Rivers common shares
Miscellaneous receivables

These are all described in more detail in the Monitor's 20th report (starting at paragraph 24), available on this website by clicking on the Monitor's Final Report tab on the left hand side of this page.