NewPage Cleared To Send Ch. 11 Plan To Creditors For Vote

Law360, Wilmington (November 6, 2012, 8:37 PM EST) -- NewPage Corp. on Tuesday won Delaware bankruptcy court approval for the disclosure statement detailing its reorganization plan, allowing the struggling paper company to submit the plan to creditors for a vote.

At a court hearing in Wilmington, Del., U.S. Bankruptcy Judge Kevin Gross said he would sign off on the disclosures once they are submitted with minor language changes requested by creditors. 

The plan — which hands 100 percent of the equity in the reorganized company to senior noteholders owed $1.7 billion — will preserve all...
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.