NewPage Asks Bankruptcy Judge To OK $850M Exit Financing

Law360, New York (October 30, 2012, 3:09 PM EDT) -- NewPage Corp. on Monday asked a Delaware bankruptcy judge to approve $850 million in exit financing that would allow the troubled paper company to move out of bankruptcy, saying its lenders have asked for certainty that the reorganization can move forward.

The company, which reached a reorganization deal with its creditors earlier in October, told U.S. Bankruptcy Judge Kevin Gross that its lenders, after spending substantial resources working on a reorganization plan, have asked for approval of the exit financing arrangement.

“Given the significant efforts that...
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