Newsprint manufacturer SP Newsprint Holdings received final approval from the U.S. Bankruptcy Court in the District of Delaware to tap its $20 million debtor-in-possession financing. The loan supports the company reorganization, a Bloomberg article said.

Before entering Chapter 11 in November, SP Newsprint owed GE Capital, as lender and agent, $41 million in a revolving loan and $213 million in a term loan.

The company said in court documents that it is in the process of negotiating to sell its business as a going concern in the near future.

Previously on abfjournal.com:

SP Newsprint Files Chapter 11 After Defaulting on GE Capital Loan, Thursday, November 17, 2011