NewPage Port Hawkesbury Gets $3.3 Million

http://www.capebretonpost.com/Business/2011-12-19/article-2841803/NewPage-given-$3.3M-tax-refund/1

Nova Scotia has given the NewPage Port Hawkesbury, a Supercalendered paper mill that has been under bankruptcy protection since September, a tax refund of $3.3 million.  The company is trying to sell the mill and this money will help to keep the facility from running out of money before that happens.  Monitor Ernst & Young has also reported that Nova Scotia could step in and provide debtor-in-possession financing to conclude a sale transaction should that prove necessary.

http://times-news.com/local/x1996143757/Judge-OKs-NewPage-executive-bonuses

Separately, a federal bankruptcy court in Delaware has approved a proposal for NewPage in the U.S.; the bonus plan provides $1.5 million for 15 executives.

Sears, Kmart to Close Over 100 Stores

Sears, Kmart to Close Over 100 Stores: A lackluster Christmas season has left the company no other choice but to shutter 100 to 120 stores. Between 100 and 120 Sears and Kmart stores will be closing soon, according to the retailer on Tuesday.

M-real Closing Coated Mill

M-real shuts down its Äänekoski mill
Following the conclusion of the statutory negotiations, M-real has decided that the Äänekoski paper machine, with an annual capacity of approximately 200 000 tonnes of coated fine paper, will be closed by the end of 2011.

UPM Sells RFID Business

UPM sells its RFID business to Smartrac
UPM will become an indirect shareholder of Smartrac with a 10.6 percent economic interest through the company OEP Technologie B.V. The closing of the deal is expected to take place during the first quarter of 2012. The transaction is still subject to regulatory approvals.
Smartrac is registered in the Netherlands, and is one of the global market leaders in high-quality RFID inlays for electronic passports and contactless credit cards as well as for RFID transponders for public transport applications.

NYSE Notifies Verso

Verso Addresses NYSE Listing Standard: Verso Paper Corp. (NYSE:VRS) announced today that the New York Stock Exchange has notified the company that it has fallen below the NYSE's continued listing standard relating to market capitalization. The NYSE requires that Verso's average market capitalization over a consecutive 30 trading-day period be at least $75 million. As of December 21, 2011, the date of the NYSE notice, Verso's 30 trading-day average market capitalization was approximately $66.6 million.

The Atlantic has a Good Year

The Atlantic Has Second Profitable Year in a Row:
According to the company, digital ad revenue will be up 40 percent for the year and print ad revenue will edge up 2 percent. The events group, AtlanticLIVE, which includes the Aspen Ideas Festival, will post a 19 percent revenue increase over last year.

For the fourth quarter, which signals the thirteenth consecutive one for year-over-year growth, revenue will be up 20 percent compared to same period last year.

In 2010, The Atlantic posted its first profit in decades, driven by strong double-digit gains across its three platforms, and will do so again this year. Last year, The New York Times reported The Atlantic made a profit of $1.8 million for 2010 and while a spokesperson would not confirm that number, she says they'll beat 2010's performance this year.