Paper and Forest Products
Company Overview of NewPage Holdings Inc.
NewPage Holdings Inc. produces and sells printing and specialty papers in North America. Its portfolio of paper products include coated, supercalendered, and other uncoated and specialty products. The company also sells its excess market pulp. Its paper products are used in commercial printing to create corporate collateral, magazines, catalogs, books, coupons, inserts, and direct mail, as well as in specialty paper applications, including beverage bottle labels, food and medical packaging, pressure-sensitive labels, and release liners. The company owns paper mills in Kentucky, Maine, Maryland, Michigan, Minnesota, and Wisconsin with a total annual production capacity of approximately 3.5 mi...
8540 Gander Creek Drive
Miamisburg, OH 45342
Key Executives for NewPage Holdings Inc.
Chief Executive Officer and President
Senior Vice President of Operations
Senior Vice President, General Counsel and Secretary
Chief Administrative Officer and Senior Vice President
Chief Accounting Officer and Controller
Compensation as of Fiscal Year 2015.
NewPage Holdings Inc. Key Developments
Third Amended Reorganization Plan and Disclosure Statement Plan Filed by Verso Corporation
May 6 16
Verso Corporation, along with its affiliates, filed a third amended joint plan of reorganization with related disclosure statement in the US Bankruptcy Court on May 6, 2016. As per the amended plan filed, administrative expense claims of $134.68 million, priority tax claims of $8.25 million and priority non-tax claims of $30.55 million shall be paid in full in cash. No other changes were made in the treatment of claim classes.
Second Amended Reorganization Plan and Disclosure Statement Plan Filed by Verso Corporation
Apr 27 16
Verso Corporation filed a joint second amended plan of reorganization with related disclosure statement in the US Bankruptcy Court on April 27, 2016. As per the amended plan, Verso First Lien Claims of $1.18 billion shall receive its pro rata share of 50% of the plan equity consideration and 100% of the warrants, representing a recovery of 29.98%. Verso senior debt claims of $581.36 million shall receive its pro rata share of 2.85% of the plan equity consideration, representing a recovery of 3.38%. NewPage roll-up DIP claims of $184.49 million shall be paid in full in cash while NewPage term loan claims of $576.39 million shall receive a recovery of 24.3%. Verso subordinated debt claims of $112.84 million shall receive its pro rata share of 0.15% of the plan equity consideration representing a recovery of 0.92%. General unsecured claims against asset debtors of $65.82 million shall receive recovery of 4.5% and General unsecured claims against de minimis asset debtors of $0.05 million shall not receive any recovery under the plan. The debtor does not have any section 510(b) claims, other secured claims and priority non-tax claims. There shall be no changes in the treatment of any other claim class. The plan shall be funded form exit term loan facility and Exit ABL facility of a total commitment of $600 to $650 million, plan equity consideration of $690 million and plan warrants.
Amended Reorganization Plan and Disclosure Statement Filed by Verso Corporation
Apr 15 16
Verso Corporation filed a joint amended plan of reorganization with related disclosure statement in the US Bankruptcy Court on April 15, 2016. As per the amended plan, Verso DIP ABL facility claims of $93 million, NewPage New Money DIP claims of $731 million and NewPage DIP ABL facility of $197 million will be paid in cash. Verso First Lien claims consist of Verso Cash Flow claims of $50 million, Verso 2012 First Lien Notes claims of $418 million, and Verso 2015 First Lien Notes claims of $650 million with interest rate and maturity date of 11.75% and January 15, 2019, respectively, will be paid 50% of new common stock and 100% of new warrants. Verso Senior Debt claims consist of Verso 1.5 Lien Notes claims of $272 million at interest rate of 11.75% (Maturity January 15, 2019), Verso Second Lien Notes claims of $181 million at interest rate of 13% (Maturity August 1, 2020), and Verso Old Second Lien Notes claims of $97 million at interest rate of 8.75% (Maturity February 1, 2019) will be paid 2.85% of new common stock. Verso Subordinated Debt claims of consist of Verso 2016 Subordinated Unsecured Notes claims of $41 million at interest rate of 11.38% (Maturity August 1, 2016) and Verso 2020 Subordinated Unsecured Notes claims of $65 million at interest rate of 16% (Maturity August 1, 2020) will be paid 0.15% of new common stock. NewPage Roll-Up DIP claims of $175 million and NewPage Term Loan claims will be paid through issuance of 47% of new common stock on pro rata basis. General Unsecured claims against asset debtors will be paid $3 million in cash. There is no change in treatment of other claimant classes.
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