Daily News: November 9, 2012

Court Approves NewPage Disclosure Statement

NewPage Corporation announced that the Disclosure Statement for its Fourth Amended Chapter 11 Plan has been approved by the U.S. Bankruptcy Court for the District of Delaware. The court’s approval of the Disclosure Statement allows the company to begin the plan voting process, leading to a confirmation hearing scheduled for mid-December and the company’s expected emergence from bankruptcy before the end of the year.

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 and a $350 million revolving credit facility led by J.P. Morgan Securities.

“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 chief executive officer 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 on November 7, 2012.

Votes on the plan must be received by the company’s voting agent, Kurtzman Carson Consultants, LLC, by December 10, 2012. A hearing to consider confirmation of the plan is currently scheduled for December 13, 2012.

NewPage is the producer of printing and specialty papers in North America with $3.5 billion in net sales for the year ended December 31, 2011.

Previously on abfjournal.com:

NewPage Files Joint Chapter 11 Plan, Tuesday, August 14, 2012