White Birch Latest Casualty In Newsprint Business

Law360, New York (February 24, 2010, 6:00 PM EST) -- White Birch Paper Co., the second-largest newsprint maker in North America, filed for bankruptcy protection in Canada on Wednesday, while its American subsidiary Bear Island Paper Co. LLC filed for Chapter 11, making White Birch the second major newsprint maker to file for court protection in less than a year.

According to a statement released by the company, White Birch has secured a $140 million debtor-in-possession financing package provided by its prepetition lenders. White Birch said the DIP package would allow the company to continue to...
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