Nov 30, 2010. /Lesprom Network/. Fraser Papers Inc. had been advised by M&M Consulting and Contracting ("M&M") that M&M would not be completing the acquisition of the company's paper mill in Gorham, New Hampshire on November 30th as scheduled, company said in a statement received by Lesprom Network. The company also had reached an agreement with Counsel RB Capital to sell the Gorham mill by way of a back-up bid. The agreement with Counsel RB Capital is subject to certain conditions, including court approval, and is scheduled to close on December 8, 2010. Until it closed indefinitely on October 13, 2010, the paper mill in Gorham, New Hampshire operated three paper machines and employed approximately 240 people. During 2009, The Gorham mill produced 80,000 tons of uncoated freesheet papers and 37,000 tons of towel products. Fraser Papers remains under creditor protection pursuant to the provisions of the Companies' Creditors Arrangement Act ("CCAA"), with its stay of proceedings having been extended to February 28, 2011.