$145M SP Newsprint Stalking Horse Plan Wins Approval

Law360, New York (July 30, 2012, 6:00 PM EDT) -- A Delaware bankruptcy judge on Friday approved SP Newsprint LLC's $145 million stalking horse agreement but delayed the auction date by one week, clearing the way for a wind-down of the embattled papermaker while mollifying creditor concerns over the auction's curtailed bidding period.

In an order approving the sales procedure, U.S. Bankruptcy Judge Christopher S. Sontchi greenlit the stalking horse agreement with SPN AcquisitionCo LLC, an entity formed and owned proportionately by the prepetition lenders for the purpose of acquiring the company's assets, which consist primarily...
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