NewPage Creditors Seek More Time To Probe $2B LBO

Law360, Wilmington (April 3, 2012, 8:44 PM EDT) -- NewPage Corp.'s unsecured creditors asked a Delaware bankruptcy judge Monday for extra time to investigate the company's $1.7 billion leveraged buyout of another paper manufacturer in 2007, which they say may have left NewPage insolvent.

The official committee of unsecured creditors filed a motion seeking another 45 days to decide whether to challenge the claims of lenders that financed the buyout of Stora Enso North America Inc., which more than doubled the NewPage's debt load to $3.2 billion.

The two companies have posted net losses of...
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