September 30, 2016 7:26 PM ET

Paper and Forest Products

Company Overview of NewPage Consolidated Papers Inc.

Company Overview

NewPage Consolidated Papers Inc. manufactures coated papers for a range of sheetfed and Web work, including print projects, annual reports, folders, brochures, magazines, catalogs, and direct mail in North America. Its products include woodfree and mechanical coated papers; digital and cut-size papers that are coated and uncoated; coated and uncoated mechanical publication papers; and newsprint, book papers, packaging board, specialty papers, and coreboard products. The company was formerly known as Stora Enso North America Inc. and changed its name to NewPage Consolidated Papers Inc. in December 2007. The company was incorporated in 2004 and is based in Wisconsin Rapids, Wisconsin. NewPage ...

231 1st Avenue North

P.O.Box 8050

Wisconsin Rapids, WI 54495-8050

United States

Founded in 2004

Phone:

715-422-3111

Fax:

715-422-3469

Key Executives for NewPage Consolidated Papers Inc.

Chairman of the Board of NewPage Holding Corporation and Chief Executive Officer of NewPage Holding Corporation
Age: 73
Compensation as of Fiscal Year 2016.

NewPage Consolidated Papers 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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