The company also was authorized to enter into a commitment letter and related fee letters for its exit financing, consisting of a $500 million term loan facility led by Goldman Sachs Lending Partners LLC and a $350 million revolving credit facility led by J.P. Morgan Securities LLC.
"The approval of our disclosure statement represents a significant achievement and another important step for the company and its stakeholders," said George Martin, president and CEO of NewPage. "We look forward to implementing the Plan upon emergence later this year with the financing and liquidity needed to support our operations."
The company filed the fourth amendment to its plan and related disclosure statement last week (on November 7). A copy of the plan and disclosure statement is available online.
Votes on the Plan must be received by the company's voting agent, Kurtzman Carson Consultants LLC, by December 10, unless the deadline is extended. Solicitation materials are expected to be mailed to all creditors entitled to vote on the plan by November 15. A hearing to consider confirmation of the plan is currently scheduled for December 13, at 12:00 noon ET.
NewPage is a producer of printing and specialty papers, with $3.5 billion in net sales in 2011. The company owns paper mills in Kentucky, Maine, Maryland, Michigan, Minnesota, and Wisconsin, with a total annual production capacity of some 3.5 million tons of paper.
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