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Fraser Papers Inc. granted further extension

The Ontario Superior Court of Justice granted Fraser Papers Inc. a further extension to its creditor protection until Dec. 4 on Thursday. The papermaker was first granted bankruptcy protection under the Companies' Creditors Arrangement Act in June. The firm asked for more time to deal with three outstanding issues preventing restructuring, including a labour contract with workers at the Madawaska, Maine, paper mill; an agreement with pension plan beneficiaries; and a better contract with NB Power for electricity the firm sells the utility from its Edmundston cogeneration plant. "It gives us the opportunity to resolve those issues and finalize terms and conditions on a proposal that would have the support of our secured creditors," CEO Peter Gordon said in an interview.