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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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George Putnam's Favorite Stocks for 2016

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Distressed Investing Blog

Distressed Investing Blog

2015 Bankruptcy Recap: 46% Increase Fueled by Oil & Gas/Mining Industry--Further Uptick Predicted

Looking back at 2015, research reveals a 14% decline in overall business bankruptcies but a 46% uptick in public company Chapter 11 filings—with a striking 51% of those filings coming from the battered Oil & Gas/Mining sectors. Economic indicators point to further increases in corporate bankruptcy, in general, and Energy-related filings, in particular. Just a few days into 2016, this viewpoint has already been validated by Arch Coal's long-awaited $8 billion Chapter 11 filing—and continuing oil price plummets severe enough that OPEC will likely convene an emergency meeting to address "shattered" economies. Read More.

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Spotlight: Junk Bond Market

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MarketWatch's Mark Hulbert recently tapped George's distressed investing expertise to determine the fate of the junk-bond market and what its nearly three-year decline likely means for your portfolio.

 

Hulbert writes, "What’s really going on? For insight, I turned to George Putnam, an expert in distressed-company investing. His Turnaround Letter advisory service has handily beaten the stock market over the past 15 years, according to the Hulbert Financial Digest’s tracking, by an impressive margin of 7.3 percentage points a year on an annualized basis."

 

Commenting on the rapid growth of high-yield exchange traded funds (ETF's), Putnam notes, "They have become the investment vehicle of choice for short-term investors….Those investors tend to be trend followers and, therefore, are just the opposite of being contrarian."

 

Read the full MarketWatch junk-bond article to find out what George thinks these recent indicators likely mean for future distressed investing profit.