Newark Group Inches Toward Prepackaged Ch. 11
Cranford, N.J.-based Newark Group said holders of more than three-quarters of the company's outstanding 9.75 percent unsecured senior subordinated notes have agreed to the proposed prepackaged plan. Those noteholders would receive 96.5 percent of the reorganized Newark Group's stock once the plan became effective.
The debt-for-equity exchange would reduce Newark...
To view the full article, register now.