Dec 17, 2009. /Lesprom Network/. Fraser Papers has gotten the go-ahead from a Canadian court to sell its specialty paper business, including its mill in Madawaska, as part of its bankruptcy restructuring, Mainebiz Daily reported. The Ontario Superior Court approved Fraser's proposal to sell its specialty paper assets to a newly incorporated company through an auction process, according to a press release from the company. Those assets include its pulp and paper facilities in Madawaska and Edmundston, N.B., and two lumber mills in New Brunswick. Brookfield Asset Management Inc., Fraser's majority shareholder, agreed to convert its $25 million claim against Fraser into a 51% ownership of the new company, effectively setting the bid, but Fraser will consider superior bids until January 22. A second phase of the restructuring includes selling Fraser's other assets, including two shuttered lumber mills in Ashland and Masardis, which closed in January 2008 and June 2009, respectively. Creditor protection for Fraser, which filed for bankruptcy in June, was also extended to February 26, 2010.