SP Newsprint Gets $12M Loan OK'd To Fund Ch. 11 Sale

Law360, Wilmington (December 16, 2011, 6:48 PM EST) -- SP Newsprint Holdings LLC on Friday won Delaware bankruptcy court approval to borrow $12 million to keep its mills running and fund the sale of the company’s assets, despite an objection from potential bidder Waste Management Inc.

The loan — which would be worth $20 million on final approval — was provided one month into the case by lenders led by General Electric Capital Corp., who are planning to scoop the paper company up at auction with a credit bid based on more than $250 million...
To view the full article, register now.