SP Newsprint's $145M Stalking Horse Too Swift, Creditors Say

Law360, Wilmington (July 26, 2012, 8:49 PM EDT) -- Unsecured creditors of bankrupt SP Newsprint Holdings LLC asked a Delaware judge Thursday to modify the paper maker's $145 million stalking horse agreement with its lenders, saying the sale schedule it proposes is too short to allow for other bidders to emerge.

SP Newsprint recently entered a stalking horse agreement with a group of its prepetition lenders led by General Electric Capital Corp. and on July 20 filed a motion seeking approval of a host of measures including the purchase agreement, an accelerated sale process and...
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