NewPage Group Inc.
NewPage Group filed Chapter 11 Bankruptcy in September 2011. Cerberus Capital had purchased MeadWestvaco Corporation's paper business in 2005, creating NewPage Group Inc. NewPage is one of the largest producers of coated and specialty paper in North America.
NewPage Group Plans To Exit Bankruptcy
On October 6, 2012 NewPage filed its amended Disclosure Statement. NewPage agreed to give first lien noteholders all of the stock in the reorganized company. Second lien noteholders and some unsecured creditors will split $30 million in cash and the first $50 million that may be obtained from lawsuits.
NewPage Trading Debt
Approximate Prices
NewPage Corporation
(11 3/8 due 12/31/2014) 55
NPGP.GL
NewPage Corporation
(floating rate due 5/1/2012) 5
NPGP.GB
NewPage Corporation
(10 due 5/1/2012) 5
NPGP.GD
Out Of The Money Debt
$200 million in 12% unsecured notes and $498 million floating rate PIK notes.
We have analyzed the expected recovery for distressed debt investors who have purchased the first lien debt and second lien debt, currently trading at 55 cents on the dollar and 5 cents on the dollar. Our target prices are based on information provided in the Disclosure Statement including the valuation analysis of Lazard and EBITDA projections by NewPage Group.
To receive a research report on NewPage Group or any other company we follow contact us:
727-441-1305 ext 201
Research is provided by Performance Plus Advisors, Inc.
Stephen P. Vlahos
Download NEWPAGE Distressed Debt Research
Download NEWPAGE July Research Report
Download New Page Group, October Research 2011-1
Download NewPage Research March
Download NewPage Group October