NewPage Chapter 11 Plan Confirmed by Court
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NewPage Corp., Miamisburg, Ohio, USA, reports that the U.S. Bankruptcy Court for the District of Delaware in Wilmington, Del., USA, has confirmed its Chapter 11 Plan. The plan was accepted by the overwhelming majority of NewPage creditors entitled to vote. The company will now proceed to close on the restructuring transactions contemplated by the plan.
"We are pleased that the Court has confirmed our Chapter 11 Plan, clearing the way for us to officially exit bankruptcy, hopefully by the end of this year," said George Martin, president and CEO for NewPage. "We will exit bankruptcy with substantially less debt and new financing at lower interest rates. NewPage will be well positioned to serve the needs of our customers and compete successfully in the North American paper industry."
Newpage is a producer of printing and specialty papers in North America with $3.5 billion in net sales for 2011. The company owns paper mills in Kentucky, Maine, Maryland, Michigan, Minnesota, and Wisconsin, with a total annual production capacity of approximately 3.5 million tons of paper.
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