NewPage Creditors Get Extra Time To Look Into $1.7B LBO

Law360, Wilmington (April 25, 2012, 8:08 PM EDT) -- A Delaware bankruptcy judge on Wednesday granted NewPage Corp.’s unsecured creditors a few more weeks to complete their investigation of the company's $1.7 billion leveraged buyout of another paper manufacturer, which they say may have left NewPage insolvent.

U.S. Bankruptcy Judge Kevin Gross gave the official committee of unsecured creditors until May 18 to finish the probe and file suit challenging the claims of lenders that financed the 2007 buyout of Stora Enso North America Inc., despite objections from NewPage and the lenders, who argued the...
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