Joel R. Glucksman
Partner
201-896-7095 jglucksman@sh-law.comFirm Insights
Paper Maker NewPage Emerges from Bankruptcy Protection
Author: Joel R. Glucksman
Date: January 8, 2013
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A popular paper mill that operates across the United States has completed its restructuring and emerged from Chapter 11 bankruptcy protection.
NewPage Corp., the parent company of a Maine-based paper mill, announced it has successfully reorganized its finances 15 months after filing for protection under bankruptcy law. Following the company’s initial bankruptcy filing, a competitor, Verso Paper Corp., sought unsuccessfully to merge with NewPage. The company noted that it was able to emerge from proceedings following approval of a $500 million term loan from Goldman Sachs Lending Partners and a $350 million revolving credit line provided by J.P. Morgan Stanley Securities.
“This is an exciting day for all of us at NewPage,” said George Martin, president and CEO. “We have successfully completed our restructuring, and we have emerged as a financially sound company. This step helps to solidify our position as the leading North American producer of printing and specialty papers. We look forward to continuing to provide our customers with exceptional service and high-quality products, operating safe and efficient mills and being a responsible community member.”
The company produces specialty and top quality paper products and operates mills in several states, including Ohio, Kentucky, Maine, Maryland, Michigan, Minnesota, Wisconsin and Nova Scotia. During the proceedings, NewPage was able to protect roughly 6,000 jobs and slash their debt considerably.
“Through the reorganization process, we significantly reduced our debt and emerged with a sustainable capital structure,” said Jay Epstein, senior vice president and chief financial officer for NewPage. “Our exit facility will provide ample liquidity to meet all of our working capital and capital investment needs.”
- Practices: Bankruptcy & Creditors' Rights
- Locations: Red Bank, NJ, New York City, Little Falls, NJ
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