September 25, 2017 9:17 PM ET

Paper and Forest Products

Company Overview of NewPage Holdings Inc.

Company Overview

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

United States

1,630 Employees

Phone:

937-242-9629

Key Executives for NewPage Holdings Inc.

Chief Executive Officer and President
Age: 60
Senior Vice President of Operations
Age: 51
Senior Vice President, General Counsel and Secretary
Age: 62
Chief Administrative Officer and Senior Vice President
Age: 58
Chief Accounting Officer and Controller
Age: 60
Compensation as of Fiscal Year 2017.

NewPage Holdings Inc. Key Developments

Third Ameded Joint Reorganization Plan Approved for Verso Corporation

The US Bankruptcy Court approved the modified third amended joint plan of reorganization of Verso Corporation on June 23, 2016. The debtor has filed its modified third amended plan in the Court on June 20, 2016. As per the third amended plan, 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. Verso First Lien Claims of $1.18 billion will receive 50% of reorganized debtor’s equity and 100% of the plan warrants. Verso Senior Debt Claims of $581.45 million will be satisfied through 2.85% of reorganized debtor’s equity. 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. Exit term loan facility shall be provided in the amount of $220 million at 10% discount and ABL in the amount of $375 million. The plan shall be funded from plan equity consideration of $690 million and plan warrants.

Third Amended Reorganization Plan and Disclosure Statement Plan Filed by Verso Corporation

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. The debtor filed a plan supplement on June 8, 2016. Exit term loan facility shall be provided in the amount of $225 million and ABL in the amount of $375 million. As on June 20, 2016, debtor filed modified third amended plan of reorganization. As per the plan, Verso First Lien Claims of $1.18 billion will receive 50% of reorganized debtor’s equity and 100% of the plan warrants. Verso Senior Debt Claims of $581.45 million will be satisfied through 2.85% of reorganized debtor’s equity.

Second Amended Reorganization Plan and Disclosure Statement Plan Filed by Verso Corporation

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.

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