NewPage Seals Accord With Creditors On Ch. 11 Plan

Law360, Wilmington (October 1, 2012, 9:35 PM EDT) -- NewPage Corp. on Monday said it has cleared a path out of Delaware bankruptcy court after finally cementing a deal with feuding creditors on a reorganization plan that will hand control of the troubled paper company to senior noteholders.

The accord, reached through mediation with U.S. Bankruptcy Judge Robert D. Drain, sets the terms for a plan where first-lien noteholders owed $1.7 billion will receive all of the equity in the reorganized NewPage, according to a statement from the company.

Second-lien noteholders and certain unsecured creditors,...
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