White Birch Paper buyer: Acquisition, restructuring process complete

By Caroline Salls

Pittsburgh, Sept. 18 - BD White Birch Investment LLC has completed the acquisition of the assets of White Birch Paper Co., representing the culmination of a nearly three-year restructuring process, according to a BD White Birch news release.

As previously reported, White Birch Paper received court approval to sell its assets to BD White Birch Investment for $172.5 million in November 2010.

Funds managed by Black Diamond Capital Management, LLC and its affiliates are the majority owners of BD White Birch, according to a September 2010 White Birch news release.

BD White Birch said in Tuesday's release that the restructuring process resulted in the formation of a newly revitalized and competitive enterprise.

"I am pleased that the conclusion of the restructuring process, together with significant new investment by the Brant family and the Black Diamond-led investment group has resulted in a healthier, better capitalized company," Peter Brant, chief executive officer of the newWhite Birch, said in the release.

"The process of turning this company around would not have been possible without the support of our management team, new investors and the strong belief by all of our employees that this is a vital business that is well positioned to succeed in the global paper market for years to come."

Christopher Brant, president of the new White Birch, said in the release "As the new White Birch moves forward with our current product portfolio, I am excited about the opportunities we have to develop our operations in new products and modernized platforms.

"Working together with our superb management team and all of the company's stakeholders, I am optimistic about the future and the long-term viability of the new White Birch."

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.

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