GE Capital, Other Lenders To Pay $145M For Paper Recycler

Law360, Wilmington (September 4, 2012, 9:14 PM EDT) -- A Delaware bankruptcy judge Tuesday approved the sale of SP Newsprint Holdings LLC for $145 million to a group of lenders led by General Electric Capital Corp. that had served as a stalking horse bidder for the troubled paper recycler since July.

After poring over eleventh-hour changes, U.S. Bankruptcy Judge Christopher S. Sontchi agreed to sign off on the sale documents, which included requests for additional debtor-in-possession financing and the conversion of the post-sale case from Chapter 11 to Chapter 7.

The lenders' $145 million offer...
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