NewPage Corp. files Chapter 11 restructuring plan
NewPage Corp., an Ohio-based papermaker that employs about 1,700 people at its facilities in Wisconsin, has filed a joint Chapter 11 plan with the U.S. Bankruptcy Court for the District of Delaware, according to a report in the Wisconsin Rapids Tribune.
The company also requested an extension of time to file a disclosure statement related to the plan, which would bring NewPage out of bankruptcy protection. NewPage, which filed for Chapter 11 bankruptcy protection last September, must convince its creditors to agree to the proposal.
George Martin, president and CEO of NewPage, said in a press release that the filing is another step toward financial reorganization. “Discussions with and among our major creditor groups regarding the plan are ongoing,” he noted. “We are hopeful that these discussions will lead to broad support for our plan."
NewPage has facilities in Wisconsin Rapids, Stevens Point and Biron, Wis.