NewPage Submits Ch. 11 Plan With Creditor Settlement

Law360, Wilmington (August 14, 2012, 3:36 PM EDT) -- NewPage Corp. on Monday filed its long-awaited reorganization plan, which would hand control of the bankrupt paper company to senior noteholders while offering roughly $13.8 million to settle junior creditors' claims over a 2007 leveraged buyout.

The plan, however, is still a work in progress. NewPage has requested additional time to submit the disclosure statement detailing the plan as it attempts to bring warring creditor factions on board with the proposal, according to documents filed in Delaware bankruptcy court.

"Discussions with and among our major creditor...
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