Paper Co. SP Newsprint Seeks Ch. 11

Law360, New York (November 15, 2011, 4:13 PM EST) -- Georgia-based paper manufacturer SP Newsprint Holdings LLC and its subsidiaries filed voluntary petitions for Chapter 11 protection in Delaware bankruptcy court on Tuesday, blaming weak economic conditions and rising costs for raw materials.

"The company's profit margins have been reduced to levels that are not able to support servicing of current outstanding debt. Therefore, the company is seeking court protection to maximize going concern value in an orderly manner," SP Newsprint Chief Financial Officer Ed Sherrick said Tuesday.

The company listed assets of $100 million to...
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