Bondholders Rip NewPage Rejection Of $1.5B Verso Merger

Law360, Wilmington (July 11, 2012, 7:01 PM EDT) -- A group of junior bondholders blasted NewPage Corp. on Tuesday for rebuffing a $1.5 billion merger offer from private equity-owned Verso Paper Corp. and asked a Delaware bankruptcy judge to appoint a mediator to referee talks on the troubled paper manufacturer’s reorganization plan.

On July 3, NewPage and its first-lien noteholders announced that they had rejected the bid from Verso — a rival owned by private equity firm Apollo Global Management LLC — saying the company would continue to pursue the stand-alone reorganization plan that it...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.