NewPage files joint Chapter 11 plan

NewPage Corp. owns a plant in Rumford that employs about 900 people.
File photo | Sun Journal
NewPage Corp. owns a plant in Rumford that employs about 900 people.
Posted Aug. 14, 2012, at 10:23 a.m.

NewPage Corp. has filed a joint Chapter 11 plan with the United States Bankruptcy Court for the District of Delaware.

The company, which owns a paper mill in Rumford, made the announcement Tuesday morning. The Rumford plant employs approximately 900 people.

The company also requested Tuesday an extension of time to file the disclosure statement related to the plan.

“The filing of our plan of reorganization is an important and positive step forward to a successful completion of our financial reorganization,” George F. Martin, president and chief executive officer, said in a statement. “Discussions with and among our major creditor groups regarding the plan are ongoing. We are hopeful that these discussions will lead to broad support for our plan.”

NewPage filed for bankruptcy in September 2011. It is owned by private equity investment firm Cerberus Capital Management.

According to the statement, NewPage said it is the leading producer of printing and specialty papers in North America with $3.5 billion in net sales for the year ended Dec 31, 2011.

NewPage is headquartered in Miamisburg, Ohio. In addition to the plant in Rumford, the company owns paper mills in Kentucky, Maryland, Michigan, Minnesota and Wisconsin, which can produce approximately 3.5 million tons of paper annually.

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