Brookfield Asset Management Inc. (TSX:BAM.A) agreed to acquire two lumber mills in Northern Maine from Fraser Papers Inc. for $12.4 million, subject to an adjustment for closing working capital, in cash on January 26, 2011. The deal is subject to approval of creditors and bankruptcy court. On February 1, 2011, Fraser Papers will seek an order authorizing it to hold a meeting of creditors on February 8, 2010. Fraser Papers will appear before the Ontario Court on February 10, 2011 and the U.S. Court on February 11, 2010 to seek the necessary court approvals to implement the transaction. As of February 8, 2010, the deal has been approved by the creditors. The consideration will be distributed to Fraser Papers' unsecured creditors, once all secured claims are paid in full. As of February 10, 2011, the deal has been approved by the Ontario Superior Court of Justice. The deal has been approved by the U.S. Bankruptcy Court for the District of Delaware on February 11, 2011. D.J. Miller of Thornton Grout Finnegan LLP and Derek Abbott of Morris, Nichols, Arsht & Tunnell LLP acted as legal advisors for Fraser Papers. Tony DeMarinis, Scott Bomhof, William Gray, Natasha De Cicco, Alison Bauer, Adam Slavens and Tim Martin (restructuring and insolvency), David Chernos (litigation), Mitch Frazer, Joe Vicinanza, and Adrienne DiPaolo (employment and pension), Tom Zverina (lending), Cornell Wright, Michael Siltala, Karrin Powys-Lybbe, Andrew Beck, Victoria Blond, Jamie Becker and Dan Doubilet (corporate/securities) and Sue-Anne Fox and Craig Pell (competition/anti-trust) from Torys LLP acted as legal advisors for Brookfield Asset Management Inc. Brookfield Asset Management Inc. (TSX:BAM.A) cancelled the acquisition of two lumber mills in Northern Maine from Fraser Papers Inc. on January 26, 2012.