Bankruptcy/Chapter 11 / Post-Bankruptcy Stocks / Materials
NewPage Plan Filed
August 13, 2012
NewPage filed with the U.S. Bankruptcy Court a Joint Chapter 11 Plan. The Company also requested an extension of time to file a related disclosure statement. “The filing of our plan of reorganization is an important and positive step forward to a successful completion of our financial reorganization,” said George F. Martin, president and chief executive officer. “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.” According to the Plan, “This Joint Chapter 11 Plan consists of twelve separate chapter 11 Plans - one Plan for each of the Debtors that will emerge as a reorganized entity. This Plan does not substantively consolidate any Estates. Two Debtors - NewPage Group Inc and NewPage Holding Corporation - are not proposing a chapter 11 Plan and intend to dissolve as described in Section 4.5.1 of the Plan. Any reference herein to the ‘Plan’ shall be a reference to the separate Plan of each Debtor, as the context requires. The votes to accept or reject a Plan by holders of Claims against a particular Debtor shall be tabulated as votes to accept or reject that Debtor’s separate Plan. Distributions under a Debtor’s Plan will be made to the holders of Claims in the Classes identified in that Plan, based upon the asset values in that Debtor’s Estate.”
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