Newpage Sued Over $2B Meadwest Purchase Contract

Law360, New York (June 22, 2012, 11:08 PM EDT) -- NewPage Corp. was hit with an adversary suit Thursday by packaging company MeadWestvaco Corp. over an agreement relating to the $2 billion sale of its coated paper business to the now-bankrupt paper manufacturer in 2005.

In a complaint filed in Delaware bankruptcy court, MeadWest claims NewPage, which filed for Chapter 11 protection in September amid retreating advertisers, is intending to back out on certain agreements under the 2005 deal, which it claimed had been fulfilled enough that NewPage could not now discard it in bankruptcy. ...
To view the full article, register now.