NewPage files for Chapter 11 reorganization

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    Paper maker  NewPage Corporation announced  it   filed  for  Chapter 11  with the United States Bankruptcy Court in Wilmington, Del.  

    “The filing of our plan of reorganization is an important and positive step forward to a successful completion of our financial reorganization,” said George F. Martin, CEO. “Discussions with and among our major creditor groups regarding the plan are ongoing. We are hopeful that these discussions will lead to broad support for our plan.”

    New Page is struggling with a heavy debt load and declining demand for paper products.

    NewPage is the leading producer of printing and specialty papers in North America with $3.5 billion in net sales in 20111. NewPage is headquartered in Miamisburg, Ohio, and owns paper mills in Kentucky, Maine, Maryland, Michigan, Minnesota and Wisconsin.

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