NewPage Enters Chapter 11 Restructuring ProcessSeptember 7, 2011
Jay A. Epstein, senior vice president and chief financial officer for NewPage, added, “A successful restructuring will allow NewPage to emerge as a financially stronger company that is even better positioned to compete and succeed in this dynamic industry environment. To this end, we fully expect to work productively with our lenders and other creditors to develop our Chapter 11 plan as efficiently as possible. We are confident that the DIP financing we have secured will allow us to maintain continuity in our U.S. businesses as we complete this process.”
Intention to Commence CCAA Proceedings for NewPage Port Hawkesbury Corp.
NewPage Port Hawkesbury Corp. has brought proceedings before the Supreme Court of Nova Scotia in Halifax, Nova Scotia. The Canadian entity is in discussions with potential buyers and hopes to complete a successful sale of the mill while under the anticipated court protection.
On August 22, NewPage announced that it would take downtime at NewPage Port Hawkesbury Corp. due to market and economic conditions that had prevented it from profitably operating the mill for more than a year. NewPage Port Hawkesbury Corp. plans to use funds arising from its Settlement and Transition Agreement to continue a “hot idle” at the mill and preserve the value of its assets while it continues discussions with potential buyers.
NewPage is committed to communicating with stakeholders throughout the restructuring. Accordingly, the company has established a dedicated website through which its stakeholders can access current information about the restructuring and the related legal filings.
Court documents pertaining to the U.S. proceedings can also be accessed directly through the Claim’s Agent website, www.kccllc.net/newpage. Suppliers can receive answers to any additional questions they may have by contacting the NewPage supplier call center at (877) 226-7107 or email@example.com.
About NewPage Corp.
Headquartered in Miamisburg, OH, NewPage is the leading producer of printing and specialty papers in North America, based on production capacity, with $3.6 billion in net sales for the year ended December 31, 2010. The company’s product portfolio is the broadest in North America and includes coated freesheet, coated groundwood, supercalendered, newsprint and specialty papers. These papers are used for corporate collateral, commercial printing, magazines, catalogs, books, coupons, inserts, newspapers, packaging applications and direct mail advertising.