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NewPage Group Inc. and subsidiaries released today a narrative report describing financial performance for years ended December 31, 2011 and 2010. The narrative report is available on the company's website www.NewPageCorp.com.

About NewPage

NewPage is the leading producer of printing and specialty papers in North America with $3.5 billion in net sales for the year ended December 31, 2011. NewPage is headquartered in Miamisburg, Ohio, and owns paper mills in Kentucky, Maine, Maryland, Michigan, Minnesota and Wisconsin. These mills have a total annual production capacity of approximately 3.5 million tons of paper.

The company's product portfolio is the broadest in North America and includes coated, specialty, supercalendered and uncoated papers. These papers 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. To learn more, visit www.NewPageCorp.com.

SOURCE NewPage Corporation

NewPage announced today that James C. Tyrone has accepted the role of executive vice president, Commercial Operations and Business Development, effective February 1, 2012. Mr. Tyrone will report to George F. Martin, president and chief executive officer.

Effective with Mr. Tyrone's return, the Sales and Marketing, Order Management and Strategy groups will be realigned under his direction. Barry Nelson, senior vice president, Sales and Marketing will report directly to Tyrone and retain his current roles and responsibilities, as will Linda McClinchy, vice president, Order Management and Curtis Short, vice president, Strategy.

Mr. Tyrone was most recently with Appleton Papers, where since 2010 he served as senior vice president responsible for Appleton's thermal paper business unit and oversight of the company's paper manufacturing operations. He started his paper industry career with The Mead Corporation in 1990, serving in a variety of roles. When Mead and Westvaco merged, Mr. Tyrone was senior vice president of Sales and Marketing, a role he continued when NewPage started in May 2005. Before Mead, he worked for seven years as a senior manager for McKinsey & Company.

Mr. Tyrone has a bachelor's degree in chemical engineering from the University of Virginia, and a master's degree in business administration from Harvard University.

Natural Resources Minister Charlie Parker announced today, Jan. 4, he is encouraged that the company selected by a court-appointed monitor to negotiate exclusively for the NewPage mill is committed to an ongoing sustainable operation, which will maintain hundreds of jobs in the area. 

After consultations with the monitor responsible for the sale of the mill, Mr. Parker announced the province will continue to keep the mill re-sale ready through February and March during negotiations with successful bidder Pacific West Commercial Corporation. 

"The premier committed to the workers, their families and the many affected communities that the province would do what it could to protect jobs and get the mill operating again," said Mr. Parker. 

The province outlined a seven-point plan on Sept. 9, to keep hundreds of people working, provide specialized training and help maintain the contractor base to keep the mill an attractive asset. Today's investment will continue that plan and ensure the mill remains re-sale ready. It is expected to cost up to $5 million, but the province is recovering that cost through the sale of wood harvested as part of the seven-point plan. 

"We commend all the parties that have taken part in the sales process," said Mr. Parker. "We look forward to continue working with the monitor during negotiations with exclusive bidder Pacific West Commercial Corporation." 

NewPage Port Hawkesbury Corporation will appear in court Jan. 18 to request a sales process extension until March 30. 

"This brings us another step closer to getting the mill back in operation to provide the employment and stability the workers and community want," said Port Hawkesbury Mayor Billy Joe MacLean. 

Unionized workers at the now-idled NewPage Port Hawkesbury mill in Nova Scotia received a welcome Christmas present from fellow workers at the nearby Northern Pulp Nova Scotia mill. Local 440 of the Communications, Energy and Paperworkers Union delivered a $20,000 donation from its members to the former NewPage Port Hawkesbury employees, according to a story in the Chronicle Herald on Dec. 13.

"We're making this donation to support our brothers who are out of work and we're trying to help them with the Christmas season," MacLaughlin said in a news release.

The donation works out to about $50 per recipient.

The NewPage newsprint and supercalendered mill has been closed since September, and is currently up for sale.

NewPage Corporation announced today a significant upgrade in the appearance of its economy coated digital paper brand, Blazer Digital®, effective immediately. Blazer Digital is now a higher brightness of 90 and offers a pleasing blue-white shade for end use applications such as direct mail, brochures, flyers, postcards, books, magazines and catalogs.

Blazer Digital, a coated digital paper, offers a full range of weights in both a gloss and a new satin finish. The offering includes 80 lb./7 pt. & 100 lb./9 pt. gloss cover and 80 lb./9 pt. satin cover guaranteed for direct mail postal requirements. Blazer Digital products are manufactured in North America, are Lacey Act compliant and third-party chain-of-custody certified by the Forest Stewardship Council® (FSC), Sustainable Forestry Initiative® (SFI) and the Programme for the Endorsement of Forest Certification (PEFC) schemes.

Blazer Digital provides unparalleled performance on dry and liquid toner, production color laser printers and digital offset technologies. It is Xerox iGen guaranteed as well as HP Indigo certified and Kodak NexPress qualified by Rochester Institute of Technology.

“We have listened and responded to the digital market’s need for a brighter white economy coated digital paper. The combination of a great appearance, approval of equipment manufacturers and chain-of-custody certification provides buyers of Blazer Digital with confidence in its ability to perform and produce great printed results while also supporting responsible forest management,” stated Steve DeVoe, vice president, Marketing and Customer Service for NewPage.

NewPage Port Hawkesbury Corp. ("NPPH") filed for and obtained protection under the Companies' Creditors Arrangement Act ("CCAA"). Pursuant to an Order of the Court dated September 9, 2011 (the "Initial Order"), Ernst & Young Inc. ("E&Y") was appointed as Monitor (the "Monitor") in the CCAA proceedings. Documents relating to the CCAA proceedings can be obtained from the Monitor's website at http://www.ey.com/ca/npph.

NPPH operates a paper mill on Cape Breton Island, owns approximately 50,000 acres of timberland and manages 1.5 million acres of licensed crown timberland in Nova Scotia. The NPPH mill consists of one newsprint paper machine and one supercalendered paper machine with a combined annual production capacity of 545,000 metric tonnes. Supercalendered paper is a form of enhanced newsprint that is a value added grade of paper used in catalogues, magazines, inserts and flyers. Additionally, NPPH's mill operates a thermo-mechanical pulp operation to provide the bulk of its fibre requirements.

On September 9, 2011, NPPH obtained a court order authorizing NPPH and the Monitor to implement a sales process ("Sales Process Order") to sell NPPH's assets and business. Sanabe & Associates LLC has been retained by NPPH to assist in the sales process. The assets offered for sale include the property and assets, and any liabilities required to be assumed in connection with the purchase of the business of NPPH, (the "Assets").

The sale of the Assets is on an "as is, where is" basis and without surviving representations and warranties of any kind to the purchaser. Subject to order of the Court, all rights, title and interests of NPPH in and to the Assets will be sold free and clear of all claims. In addition, a sale will be subject to court approval.

The deadline for submission of a non-binding letter of intent ("LOI") is 5:00 pm EST on September 28, 2011. Information which must be included in the LOI and information on the process for submission can be found in Schedule "A" of the Sales Process Order which can be found on the Monitor's website at http://www.ey.com/ca/npph.

Justice David MacAdam agreed to NewPage Port Hawkesbury's proposed restructuring plan on Sep. 9, giving the company permission to use funds from its American parent company to shut down operations this week and proceed with the sale of the Port Hawkesbury mill.

In the U.S., NewPage Corp. received permission from the court to continue operations while under Chapter 11 protections, and received interim approval for $600 million of debtor-in-possession financing.

Justice MacAdam reportedly questioned the wisdom of the plan to grant certain current assets of the Port Hawkesbury mill to the parent company in exchange for $25 million, but decided to proceed because otherwise the Canadian operation would not have enough cash to pay employees this week.

The $25 million settlement will keep the Port Hawkesbury mill open in a "hot idle" state for the next 13 weeks, while the company attempts to find a buyer.

NewPage has also agreed to set up a fund to pay forestry contractors, who have not been paid since Aug. 22. The woodsman reserve fund will contain $1.35 million. Without such a fund, the forestry contractors would have opposed NewPage's creditor protection plan.

The provincial government has stepped in with $15-million investment to keep woodlands workers in the Strait area employed and keep the supply chain to the mill ready for restart.

"By keeping the supply chain operating, we can say to interested buyers: here we have an efficient workforce; here we have one of the best mills in the world; and here in Port Hawkesbury we have a mill in hot idle with a supply chain intact. It's ready to go without needless delay," said Premier Dexter.

The seven-point plan includes actions to:

- Expand the province's silviculture program for 2011 and 2012.

- Stockpile wood for future use in the Strait, to keep harvesters and truckers working. Much of this work will involve creating a stockpile of fuel for the planned Nova Scotia Power biomass co-gen facility under construction.

- Ensure Crown forest roads are maintained in the NewPage Port Hawkesbury harvest area. The province will invest $125,000 per month for the next few months to keep the usual number of road contractors working to maintain NewPage's road infrastructure.

- Ensure the mill is able to retain a core team of about 20 woodlands staff with the knowledge and ability to facilitate work and training and oversee the appropriate use of Crown land.

- Amend a small business loan program to better address financing concerns for contractors and other small businesses.

- Invest up to $3.5 million and work with the NewPage Port Hawkesbury's core woodlands team to develop specialized training programs for self-employed workers that will focus on silviculture, sustainable forestry practices, productivity improvements and efficiency of forestry operations.

- Engage a specialist to complete a comprehensive market study for newsprint and the high-gloss paper, which were the products of the Port Hawkesbury mill.

source:pulp & paper canada

NewPage Corporation announced today that its corporate parent, NewPage Group Inc., and certain of its U.S. subsidiaries (collectively, the "Company") have received approval from the United States Bankruptcy Court for the District of Delaware on all of the First Day Motions related to its voluntary Chapter 11 restructuring that were scheduled to be heard today.  The remaining motions (dealing with certain professionals) will be scheduled for a hearing at a later date. These approvals give the Company the authority to continue to conduct its business as usual without interruption in U.S. employee wages and benefits programs or customer programs, among other stakeholder protections.

Among the First Day Motions granted, the Company received interim approval of its $600 million Debtor in Possession (DIP) financing committed by JPMorgan Chase Bank, N.A., Barclays Bank PLC and Wells Fargo Capital Finance, LLC. These facilities help ensure the Company has adequate liquidity to continue to operate and compete successfully while it works with its creditors and other stakeholders to complete a Chapter 11 plan for its U.S. operations.

Additionally, the Company emphasized that, following approval of the motions:

• It has authority to continue its pre-existing customer programs without interruption. The Company fully intends to deliver the same high level of quality and service its customers expect both during and after the restructuring.

• It has authority to continue its existing employee wage and benefit programs, including expense reimbursement, vacation, sick leave and holiday pay, as well as retirement and savings plans in the normal course. The Company believes that protecting employees is integral to its future success.

• It has received approval to use cash collateral and to continue its current cash management system for operations.

The Company previously stated that it fully intends to pay suppliers for all goods and services delivered on or after the September 7, 2011 filing date. Supplier claims for goods and services provided before the filings are typically dealt with as part of the Chapter 11 plan. The Company values and looks forward to continuing its relationships with its suppliers.

"Securing Court approval of our First Day Motions was a critical first step in our Court-supervised restructuring process," said George F. Martin, president and chief executive officer of NewPage Corporation. "We believe the intended balance sheet restructuring will enable us to fully realize the benefits of our prior operational improvements and make continued investments in the business. Building upon the consistency and exceptional service for which NewPage has been known, we will continue to create quality paper that is in high demand from our customers."

NewPage Group Inc. and certain of its U.S. subsidiaries filed voluntary petitions under Chapter 11 of the United States Bankruptcy Code on September 7, 2011. Separately, the company's Canadian subsidiary, NewPage Port Hawkesbury Corp., commenced proceedings before the Supreme Court of Nova Scotia under the Companies' Creditors Arrangement Act of Canada ("CCAA").

NewPage has established a dedicated website, www.NewPageRestructuring.com, through which its stakeholders can access current information about the restructuring and the related legal filings.

Court documents pertaining to the U.S. proceedings can also be accessed directly through the Claims Agent's website, www.kccllc.net/newpage.

Suppliers can receive answers to additional questions they may have by contacting the NewPage supplier call center at (877) 226-7107 or This email address is being protected from spambots. You need JavaScript enabled to view it..

Normal 0 false false false EN-GB X-NONE X-NONE MicrosoftInternetExplorer4 SOURCE NewPage Corporation

Stora Enso will record a provision with a cash impact of approximately USD 180 million (about EUR 128 million) as a negative non-recurring item (NRI) in its third quarter 2011 results due to NewPage Corporation’s Chapter 11 filing in the USA. On 7 September 2011 NewPage voluntarily filed for Chapter 11 protection under the US Bankruptcy Code to reorganise its debt.

When Stora Enso North America, Inc (SENA) was divested to NewPage, the Stevens Point Mill Paper Machine (PM) 35 lease obligation was transferred from Stora Enso to NewPage. However, as explained in the Group’s Financial Statements since 2007, Stora Enso remained as guarantor of the lease. Stora Enso intends to recover a portion of the recorded cost related to the lease obligation in NewPage’s restructuring.

In the second quarter of 2009 Stora Enso wrote down to zero value its 19.9% shareholding in NewPage and the vendor note it holds.

Corporate Parent and Certain U.S. Subsidiaries Commence Voluntary Cases Under Chapter 11 of the United States Bankruptcy Code, Securing Commitment for Up to $600 million in DIP Financing To Continue Normal Business Operations

NewPage Port Hawkesbury Corp. Commences Proceedings Under the Companies' Creditors Arrangement Act of Canada

NewPage Corporation announced today that, to facilitate an orderly debt restructuring and position the overall business for long-term success, its corporate parent, NewPage Group Inc., and certain of its U.S. subsidiaries (collectively, "NewPage" or the "Company") have commenced voluntary cases under Chapter 11 of the United States Bankruptcy Code ("Chapter 11"). The cases are pending in the United States Bankruptcy Court for the District of Delaware. The company's Consolidated Water Power Company subsidiary is not part of the filing.

Separately, the company's Canadian subsidiary, NewPage Port Hawkesbury Corp., has brought proceedings before the Supreme Court of Nova Scotia under the Companies' Creditors Arrangement Act of Canada ("CCAA"). In order to maximize efficiency in both the U.S. and Canadian Court processes, NewPage Corporation and NewPage Port Hawkesbury Corp. have executed a Settlement and Transition Agreement, subject to approval by the Canadian Court.

Chapter 11 Restructuring for U.S. Entities

Through the Chapter 11 process, NewPage expects to work closely with its creditors and other stakeholders in the U.S. to formulate a Chapter 11 plan that details how it intends to satisfy its liabilities and restructure its balance sheet to emerge as a financially stronger company. The company expects to continue operating its U.S. businesses as usual throughout this process with an undiminished focus on providing customers with high-quality paper and employees with a stable and safe working environment. To help ensure it has adequate liquidity to achieve these objectives and continue to operate and compete successfully throughout the restructuring, NewPage has obtained a commitment led by J.P. Morgan for up to $600 million in Debtor in Possession (DIP) financing.

Additionally, NewPage has filed a series of customary First Day Motions in the United States Bankruptcy Court that, subject to court approval, would allow it to continue its U.S. employee wages and benefits programs, honor obligations for customers served by its U.S. businesses and provide additional protection to various other stakeholders. These motions are typical of the Chapter 11 process and are generally granted in the days immediately after a filing.

"We strongly believe that the court-supervised restructuring we began today is the most effective means of strengthening our financial position and enhancing our standing as the leading producer of printing and specialty paper in North America," said George F. Martin, president and chief executive officer for NewPage. "We expect to continue to provide our customers with the exceptional service and high-quality products they have come to expect. We recognize customers have choices, and NewPage needs to continue to earn their trust and loyalty every day. We expect to continue to run safe and efficient operations, be candid with all of our stakeholders and act as a responsible community member both during and after our financial restructuring."

Jay A. Epstein, senior vice president and chief financial officer for NewPage, added, "A successful restructuring will allow NewPage to emerge as a financially stronger company that is even better positioned to compete and succeed in this dynamic industry environment. To this end, we fully expect to work productively with our lenders and other creditors to develop our Chapter 11 plan as efficiently as possible. We are confident that the DIP financing we have secured will allow us to maintain continuity in our U.S. businesses as we complete this process."

Intention to Commence CCAA Proceedings for NewPage Port Hawkesbury Corp.

NewPage Port Hawkesbury Corp. has brought proceedings before the Supreme Court of Nova Scotia in Halifax, Nova Scotia. The Canadian entity is in discussions with potential buyers and hopes to complete a successful sale of the mill while under the anticipated court protection.

On August 22, NewPage announced that it would take downtime at NewPage Port Hawkesbury Corp. due to market and economic conditions that had prevented it from profitably operating the mill for more than a year. NewPage Port Hawkesbury Corp. plans to use funds arising from its Settlement and Transition Agreement to continue a "hot idle" at the mill and preserve the value of its assets while it continues discussions with potential buyers.

SOURCE NewPage Corporation