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Maine News-New Page Emerges from bankruptcy

Started by JDeere, December 26, 2012, 07:09:12 PM

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JDeere

NewPage Corp. owns a plant in Rumford that employs about 900 people.
By Sun Journal,

Posted Dec. 23, 2012, at 6:36 a.m.
RUMFORD, Maine — Paper producer NewPage Corp. says it has completed financial restructuring and has emerged from Chapter 11 bankruptcy protection.

As part of its plan, NewPage secured financing led by Goldman Sachs Lending Partners LLC of a $500 million term loan plus $350 million in revolving credit led by J.P. Morgan Stanley Securities LLC, the company said in a news release.

"This is an exciting day for all of us at NewPage," George F. Martin, president and chief executive officer, stated in the release. "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."

Jay A. Epstein, senior vice president and chief financial officer for NewPage, said in the release: "Through the reorganization process, we significantly reduced our debt and emerged with a sustainable capital structure. Our exit facility will provide ample liquidity to meet all of our working capital and capital investment needs."

The company thanked Judge Kevin Gross for successfully shepherding the case through the Chapter 11 process and protecting 6,000 jobs, and to Judge Robert Drain for mediating the economic settlement that paved the way for a consensual Chapter 11 plan.

NewPage is the leading producer of printing and specialty papers in North America with $3.5 billion in net sales for the year ended December 31, 2011. NewPage is headquartered in Miamisburg, Ohio, and owns paper mills in Kentucky, Maine, Maryland, Michigan, Minnesota and Wisconsin. These mills have a total annual production capacity of approximately 3.5 million tons of paper.

2013 Western Star, 2012 Pelletier trailer, Serco 7500 crane, 2007 Volvo EC 140, 2009 John Deere 6115D, 2002 Cat 938G, 1997 John Deere 540G, 1996 Cat D-3C, 1995 Cat 416B, 2013 Cat 305.5E

thecfarm

I missed that in my paper.  ::)  Thank you for the good news.
Model 6020-20hp Manual Thomas bandsaw,TC40A 4wd 40 hp New Holland tractor, 450 Norse Winch, Heatmor 400 OWB,YCC 1978-79

shelbycharger400

my 401k/retirement is through J.P. Morgan..   well atleast I know where some of my "investment" is going

WDH

At least it is printing paper and not buggy whips  :).
Woodmizer LT40HDD35, John Deere 2155, Kubota M5-111, Kubota L2501, Nyle L53 Dehumidification Kiln, and a passion for all things with leafs, twigs, and bark.  hamsleyhardwood.com

barbender

It's good to hear this, there's too many negatives in the timber industry as of late.
Too many irons in the fire

Peter Drouin

thats good , that will help a lot, they have a nice mill and a lot of wood chips

  

  

  

   :D
A&P saw Mill LLC.
45' of Wood Mizer, cutting since 1987.
License NH softwood grader.

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