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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...
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