Bankrupt NewPage Cuts New Deal With Unions

Law360, Wilmington (June 15, 2012, 8:17 PM EDT) -- NewPage Corp. asked a Delaware bankruptcy judge on Thursday to approve a new collective bargaining agreement reached with its unions, which the private equity-owned paper manufacturer says will slash labor costs and smooth its path out of Chapter 11.

The deal combines all NewPage paper mills and unions under a single "master agreement" setting terms for wages, pensions and health insurance, while extending each individual union contract through at least 2016, according to a motion filed with the court.

The changes "will result in cash flow...
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