NewPage Files For Ch. 11 In Face Of Folding Demand

Law360, New York (September 7, 2011, 4:30 PM EDT) -- Cerberus Capital Management LP-owned paper company NewPage Corp. filed for Chapter 11 protection in Delaware on Wednesday, citing the erosion of demand from advertisers and print media companies for its coated paper products.

NewPage, which has numerous mills in the U.S. and Canada, also attributed the decline in business to the rising cost of raw materials and increased foreign competition from Europe and Asia. The company listed assets of approximately $3.4 billion and total liabilities of approximately $4.2 billion.

A Canadian subsidiary, NewPage Port Hawkesbury Corp.,...
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