NewPage Wins OK To Hand Reins To Senior Noteholders

Law360, Wilmington (December 13, 2012, 5:07 PM EST) -- NewPage Corp. on Thursday won Delaware bankruptcy court approval for its reorganization plan, which places the leading coated paper manufacturer in the U.S. under the control of senior noteholders owed $1.7 billion.

At a court hearing in Wilmington, U.S. Bankruptcy Judge Kevin Gross said he would sign off on the plan pending minor language changes the debtors expect to finish by Friday. The decision ends a 15-month stint under court protection where NewPage managed to fend off a takeover bid from rival Verso Paper Corp. and...
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.