NewPage Corp. files Ch. 11 plan
NewPage Corp., owner of the Rumford paper mill employing 900 workers, filed on Monday a joint Chapter 11 plan with the United States Bankruptcy Court for the District of Delaware. The company also requested an extension of time to file the disclosure statement related to the plan.
"The filing of our plan of reorganization is an important and positive step forward to a successful completion of our financial reorganization," George F. Martin, president and CEO, said in a statement released today. "Discussions with and among our major creditor groups regarding the plan are ongoing. We are hopeful that these discussions will lead to broad support for our plan."
NewPage, which is owned by private equity investment firm Cerberus Capital Management, filed for bankruptcy in September 2011. At that time it listed total assets of more than $1 billion and at least $1 billion in debt. In July the company announced that it was ending merger talks with Verso Paper Corp., with mills in Jay and Bucksport, citing "significant downside risks to its stakeholders, employees, and business."
NewPage, headquartered in Miamisburg, Ohio, makes printing and specialty papers and reported net sales of $3.5 billion for the year ended Dec. 31, 2011. In addition to the plant in Rumford, the company owns paper mills in Kentucky, Maryland, Michigan, Minnesota and Wisconsin.
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