Court Grants Final Approval of SP Newsprint Bankruptcy Loan
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.
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