SP Newsprint Inks Forbearance Deal
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SP Newsprint Co., Greenwich, Conn., USA, has inked a forbearance agreement with its lenders to avoid foreclosure. According to the agreement, SP will be provided with additional liquidity and its lenders will forebear from exercising any rights or remedies that might otherwise have been available to them. During the forbearance period, SP, its lenders, and advisors will work to develop and implement a business plan for SP that will ensure its viability on a long-term basis.
SP Newsprint's Dublin, Ga., mill produces some 540,000 metric tpy of newsprint. The company also has a mill in Newberg, Ore., and runs 22 recycling facilities through its SP Recycling Corp. unit.
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