NewPage Retains Control Over Ch. 11 Plan Amid Creditor Row

Law360, Wilmington (June 22, 2012, 7:32 PM ET) -- A Delaware bankruptcy judge granted NewPage Corp. an extension of its exclusivity period Friday and declined to appoint a mediator over Chapter 11 plan negotiations, giving the paper manufacturer breathing room in talks with warring creditors.

At a court hearing, U.S. Bankruptcy Judge Kevin Gross gave NewPage an additional 120 days in which it will have the exclusive right to propose a reorganization plan, which the company said it intends to file next month.

According to debtor attorney Martin Bienenstock of Proskauer Rose LLP, the plan...
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