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
Key Contacts
Back
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
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Related Posts
See all
Does Your Homeowners Insurance Provide Adequate Coverage?
Your home is likely your greatest asset, which is why it is so important to adequately protect it. Homeowners insurance protects you from the financial costs of unforeseen losses, such as theft, fire, and natural disasters, by helping you rebuild and replace possessions that were lost While the definition of “adequate” coverage depends upon a […]
Author: Jesse M. Dimitro
Understanding the Importance of a Non-Contingent Offer
Making a non-contingent offer can dramatically increase your chances of securing a real estate transaction, particularly in competitive markets like New York City. However, buyers should understand that waiving contingencies, including those related to financing, or appraisals, also comes with significant risks. Determining your best strategy requires careful analysis of the property, the market, and […]
Author: Jesse M. Dimitro
Fred D. Zemel Appointed Chair of Strategic Planning at Scarinci & Hollenbeck, LLC
Business Transactional Attorney Zemel to Spearhead Strategic Initiatives for Continued Growth and Innovation Little Falls, NJ – February 21, 2025 – Scarinci & Hollenbeck, LLC is pleased to announce that Partner Fred D. Zemel has been named Chair of the firm’s Strategic Planning Committee. In this role, Mr. Zemel will lead the committee in identifying, […]
Author: Scarinci Hollenbeck, LLC
Novation Agreement Process: Step-by-Step Guide for Businesses
Big changes sometimes occur during the life cycle of a contract. Cancelling a contract outright can be bad for your reputation and your bottom line. Businesses need to know how to best address a change in circumstances, while also protecting their legal rights. One option is to transfer the “benefits and the burdens” of a […]
Author: Dan Brecher
What Is a Trade Secret? Key Elements and Legal Protections Explained
What is a trade secret and why you you protect them? Technology has made trade secret theft even easier and more prevalent. In fact, businesses lose billions of dollars every year due to trade secret theft committed by employees, competitors, and even foreign governments. But what is a trade secret? And how do you protect […]
Author: Ronald S. Bienstock
What Is Title Insurance? Safeguarding Against Title Defects
If you are considering the purchase of a property, you may wonder — what is title insurance, do I need it, and why do I need it? Even seasoned property owners may question if the added expense and extra paperwork is really necessary, especially considering that people and entities insured by title insurance make fewer […]
Author: Patrick T. Conlon
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Sign up to get the latest from our attorneys!
Explore What Matters Most to You.
Consider subscribing to our Firm Insights mailing list by clicking the button below so you can keep up to date with the firm`s latest articles covering various legal topics.
Stay informed and inspired with the latest updates, insights, and events from Scarinci Hollenbeck. Our resource library provides valuable content across a range of categories to keep you connected and ahead of the curve.
Paper Maker NewPage Emerges from Bankruptcy Protection
Author: Joel R. Glucksman
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.”