Catalyst Paper Corporation has announced that to facilitate an orderly restructuring of its business and operations, the board of directors of the company has approved a filing for an Initial Order from the Supreme Court of British Columbia to commence proceedings under the Companies’ Creditors Arrangement Act (CCAA). The terms and conditions of the restructuring plan have not yet been determined by the company.
Tuesday, January 31, 2012
xpedx Closing Stores Division
xpedx Closing Stores Division: xpedx has announced the closing of the Stores division. The press release read, in part: This year xpedx will realign operations... This means we will transition away from our current stores business model, to servicing many customers from xpedx’s well established distribution network.
Domtar to Sell Closed Mill to Fortress
Domtar enters agreement to sell closed Lebel-sur-Quévillon mill to Fortress for $1:
Domtar Corporation has announced that it has signed a definitive agreement with Fortress Global Cellulose Ltd, and with a subsidiary of the Government of Québec, for the sale of its Lebel-sur-Quévillon assets. The transaction is subject to customary closing conditions and is expected to close in the second quarter of 2012.
Domtar Corporation has announced that it has signed a definitive agreement with Fortress Global Cellulose Ltd, and with a subsidiary of the Government of Québec, for the sale of its Lebel-sur-Quévillon assets. The transaction is subject to customary closing conditions and is expected to close in the second quarter of 2012.
Penton Names CEO
Penton names Kieselstein CEO: Penton Media, publisher of Registered Rep. and Supermarket News, has named David Kieselstein as CEO. He was previously CEO of TNS North America, a custom research division of WPP.
Manroland Sells Augsburg Plant 2/1
Manroland break-up to begin tomorrow with Augsburg sale: Manroland's administrator has confirmed that the break-up of the German manufacturer will begin tomorrow (1 February) with the sale of the Augsburg web offset facility.
Monday, January 30, 2012
IP, Temple-Inland Extend DOJ Review Period
International Paper, Temple-Inland Extend DOJ Review Period: International Paper Company and Temple-Inland Inc. today announced that they have agreed to extend the U.S. Department of Justice's review period with respect to International Paper's acquisition of Temple-Inland until February 13, 2012.
Resolute Paper Makes Cuts at Fort Frances
Resolute cuts 45 jobs in Fort Frances, Ontario:
Resolute Forest Products (formerly AbitibiBowater), will not be recalling 45 people, 16% of the workforce, to work when they resume paper production next week.
Resolute Forest Products (formerly AbitibiBowater), will not be recalling 45 people, 16% of the workforce, to work when they resume paper production next week.
Catalyst Paper Reports Crofton Vote
Catalyst Paper Announces Crofton Unions Voting Results: Catalyst Paper Corporation (TSX: CTL) advised today that at votes taken this weekend, one union local at the Crofton mill voted down a new labour agreement while the other union local voted to support a new labour agreement. Unanimous ratification of a new labour agreement by January 31, 2012 is a condition of the company's recapitalization transaction announced on January 14, 2012.
2011 Media M&A Jumped 9%
Overall Media M&A Up 9 Percent in 2011: The media M&A market saw its third year in a row of growth, closing out 2011 with a 9 percent increase in total value over 2010, according to a year-end report by The Jordan, Edmiston Group.
J.C. Penney and Esquire Close CLAD
Esquire Ecommerce Effort CLAD Folds: After an extremely short run, J.C. Penney’s Esquire-curated ecommerce site, CLAD, shutters. CLAD debuted in November 2011, and its final sale will end January 31.
Bloomberg Launches Bloomberg Pursuits
Bloomberg to Leverage its ‘Markets’ Brand into a Lifestyle Offshoot: Bloomberg has found another way to capitalize on its access to some of the wealthiest consumers in the world: next month, it will launch an offshoot to its Bloomberg Markets magazine. Bloomberg Pursuits will be polybagged with, and run by the team at, Bloomberg Markets, but will hone in on luxury lifestyle content that emerged from the pages of the finance-focused title.
Quarterly Review of Wines Closes
http://www.minonline.com/news/35-Year-Old-Vintage-Wine-Pub-Calls-It-Quits_19824.html
In the rush of staff changes, higher profile magazine closings at the end of last year, it may have gone unnoticed that a venerable bible for wine enthusiasts closed its beloved cellar. The Quarterly Review of Wines, a 100-page glossy with a circulation of 140,000, had just celebrated 35 years of publication. Nevertheless, publisher Richard L. Elia decided to fold shut down the title.
In the rush of staff changes, higher profile magazine closings at the end of last year, it may have gone unnoticed that a venerable bible for wine enthusiasts closed its beloved cellar. The Quarterly Review of Wines, a 100-page glossy with a circulation of 140,000, had just celebrated 35 years of publication. Nevertheless, publisher Richard L. Elia decided to fold shut down the title.
The Economist Launches China Section
The Economist' introduces China section: London—The Economist has launched a new section covering China. The magazine said it is the magazine's first new section devoted to a single country in 70 years.
Cenveo Sells Group to Ennis
Cenveo Sells Forms and Business Documents Group to Ennis: Cenveo, Inc. today announced that it has agreed to sell its Forms and Business Documents Group to Ennis, Inc., manufacturer of printed business products & apparel headquartered in Midlothian, Texas. The sale is expected to close during February 2012. Terms of the transaction were not disclosed.
Friday, January 27, 2012
2011 European Coated Mechanical Shipments Reported
http://www.cepiprint.ch/en/home_21.php
EURO-GRAPH, the European Association of Graphic Paper (formed with the joining of CEPIPRINT and CEPIFINE), reported European coated mechanical paper shipments for December fell -13.5% as compared to the same month last year and -0.6% for 2011 as compared to 2010. Demand for the grade was down -20.3% for the month and -4.7% for the year. Exports increased +24.9% for December and rose +16.9% for 2011. European Supercalendered paper shipments declined -6% for December and -1.1% for 2011. SC demand declined -7.8% for the month and -3.5% for the year. Exports rose +5.2% for December and grew 9.9% for 2011 as compared to 2010.
EURO-GRAPH, the European Association of Graphic Paper (formed with the joining of CEPIPRINT and CEPIFINE), reported European coated mechanical paper shipments for December fell -13.5% as compared to the same month last year and -0.6% for 2011 as compared to 2010. Demand for the grade was down -20.3% for the month and -4.7% for the year. Exports increased +24.9% for December and rose +16.9% for 2011. European Supercalendered paper shipments declined -6% for December and -1.1% for 2011. SC demand declined -7.8% for the month and -3.5% for the year. Exports rose +5.2% for December and grew 9.9% for 2011 as compared to 2010.
Fashion Magazines March Ad Pages Up
Most fashion magazines increased ad pages in their important March issues again this year, showing some strength in an uncertain economy.
Vogue's March issue includes 443 ad pages, nearly 4% above the year-ago level, the magazine said today. That's on top of a gain of 50 pages, or 13%, last March, according to Susan Plagemann, Vogue's VP-publisher since January 2010. "That's significant for us," Ms. Plagemann said. "We also beat our five-year average by 4.5%."
Time Now Has All U.S. Titles Available on Tablets
“With the availability of our entire portfolio of U.S. titles, we put ourselves in a great position to take advantage of these opportunities," said Mitch Klaif, CIO of Time Inc. "We also use WoodWing's solutions to help us produce our print editions, and WoodWing´s Digital Publishing Solution enables us to integrate our tablet publishing activities into our existing workflows. Time Inc. yet to come to terms with Apple. All their apps remain outside of Newsstand.
Publishers Make Appointments
Folio names Bill Mickey, former executive editor of EXPO magazine,
as editor. Lee Barney is named executive editor of EXPO. Barney joins
the publication from SourceMedia, where she served as editor of Money
Management Executive.
as editor. Lee Barney is named executive editor of EXPO. Barney joins
the publication from SourceMedia, where she served as editor of Money
Management Executive.
Hearst Magazines bumps Scherri Roberts from VP to senior vice president of human resources. Also at Hearst, former All You executive editor Susan Spencer joins Woman’s Day as editor-in-chief.
Magnify.net names John Brown as chief business development officer. Brown comes from Time Inc., where he was president of This Old House Ventures.
Ursula Morgan is promoted from vice president of Future Plus to vice president of media at Future US.
At Above the Law,
Penton Media welcomes Neta Yoffe as director of corporate communications.
AMI's Men's Fitness tapped Michael De Medeiros as editor-in-chief. De Medeiros was previously editor of Maximum Fitness.
Condé Nast Names Chief Execuitve, Mexico & Latin America
Eva Hughes, editor of Vogue Mexico and Latin America, will become director general, the chief executive of Condé Nast Mexico and Latin America on February 1. She replaces Farid Aouragh. Hughes has been editor of Vogue since 2002.
Thursday, January 26, 2012
CEPIFINE Reports Coated Woodfree Shipments Down
http://www.cepifine.org/index.php?option=com_content&view=article&id=15&Itemid=16
CEPIFINE has reported European coated woodfree shipments fell by -5% in December, as compared to the same month last year, and declined -4.9% in 2011, as compared to 2010. Demand for the month decreased -3.1% and for the year was down -6.6%. Exports in December fell -8.1% and for 2011 decreased -7.9%.
Tembec Reports Q1 Results
Tembec has posted a net loss of $16 million on sales of $401 million in its first quarter, ending on December 24, 2011.
JCPenney's New Promotional Plan, Includes Catalogues
JCPenney is getting a new logo and is completely revamping its pricing, branding, promotions, as well as refreshing its stores, the retailer's new CEO Ron Johnson announced Jan. 25.
A new logo is a part of the plan, and a direct mail catalog that will be mailed to "millions" of Americans, the company said in a statement.
L.L. Bean, Parks To Celebrate 100th Birthday
Maine retailer L.L. Bean is turning 100 this year, and as part of the birthday festivities, is targeting America’s couch-potato kids. Working with the National Park Foundation, Bean will spend $1 million to increase outdoor recreation among families, and introduce more children to America's national parks. Called the Million Moment Mission, the effort is based in part on research that shows the average kid spends less than one hour a day outdoors.
Media Buyers Optimistic
http://www.btobonline.com/article/20120126/MEDIABUSINESS10/301269996/media-buyers-optimistic-about-ad-spending-increases?utm_source=dailynewsletter&utm_medium=email&utm_content=editorial&utm_campaign=dailyclickthroughs
Media buyers are optimistic that ad and marketing spending will increase this year over 2011, according to a quarterly survey of advertising agencies conducted by Strata, a producer of media buying and selling software. Eighty-one percent of respondents said they expect their clients' advertising and marketing spending to increase or stay the same this year compared with 2011.
American Cheerleader Sold to Varsity Spirit Corp.
American Cheerleader Sold to Varsity Spirit Corp.: American Cheerleader magazine has been sold by Macfadden Performing Arts Media, publisher of titles including Dance, Dance Spirit and Dance Teacher, to Varsity Spirit. Terms of the deal have not been disclosed.
R.R. Donnelley's Capital Structure
An Open Book: Inside R.R. Donnelley's Capital Structure:
R.R. Donnelley & Sons Company today announced expected full-year 2011 free cash flow to be in the range of $650 million to $700 million, an increase from the previous guidance that called for free cash flow of approximately $600 million.
R.R. Donnelley & Sons Company today announced expected full-year 2011 free cash flow to be in the range of $650 million to $700 million, an increase from the previous guidance that called for free cash flow of approximately $600 million.
Blackstreet Capital Makes Changes at AlphaGraphics
Blackstreet Capital Severs Ties with AlphaGraphics CEO Kevin Cushing: WhatTheyThink has learned that Blackstreet Capital, which recently acquired the AlphaGraphics franchise network, has chosen to sever its relationship with CEO Kevin Cushing, who has served in that role since 2004.
Xerox Reports Q4 Results
Xerox Reports 14% increase in EPS on Flat Revenue: Xerox Corporation announced today fourth-quarter 2011 results. The company ended 2011 with full-year adjusted EPS up 15 percent, pro-forma revenue up 2 percent and operating cash flow of $2 billion.
Wednesday, January 25, 2012
Six New Launches, New Directions
The entrepreneurial spirit and lure of new revenue streams have not dimmed. If anything, they’ve grown more vital. Media executives, either emboldened by a market where the risk-averse leave opportunities wide open or driven to seek out new revenue as traditional platform growth slows to a crawl, are placing bets on new products and ventures.
Here, we examine six new startups from the last year that run the spectrum from a mega-brand launch from one of the country’s largest publishers (including Hearst's HGTV) to a small b-to-b play with big ambitions that’s received some serious backing from the venture community.
MeadWestvaco Reports Q4 Results
MeadWestvaco loses money in 4th quarter on charges:
RICHMOND, Va. — Packaging company MeadWestvaco Corp. lost money in the fourth quarter, dragged down by charges related to the spinoff of its consumer and office products business.
RICHMOND, Va. — Packaging company MeadWestvaco Corp. lost money in the fourth quarter, dragged down by charges related to the spinoff of its consumer and office products business.
Catalyst Paper on Debt Reduction
Catalyst Paper Muddies the Water with Its Clarification and 443-Word Sentence: The Canadian papermaker has worked out a proposed deal with many of its bondholders that would enable it to avoid bankruptcy, but would turn up to 99.5% of its stock over to the bondholders in exchange for debt reduction.
Free Second Ounce for First Class Business Mail
USPS Launches Free Second Ounce Pricing for First-Class Business Mail: High-volume commercial mailers spoke, and the Postal Service listened. Effective this week, businesses mailing First-Class Mail automation, presort letters using “2nd Ounce Free” pricing can mail letters weighing up to two ounces at the one-ounce postage rate.
MagnaGlobal Revises Ad Forecast Up
MagnaGlobal revises U.S. ad forecast up to 3.7% growth this year: New York—U.S. ad revenue will grow by 3.7% this year over last year, according to a revised forecast by MagnaGlobal, the global media unit of IPG's Mediabrands. This forecast is up from a 2.9% growth projection issued by MagnaGlobal in October.
Media Executives Cautiously Optimistic for 2012
Report: Media execs cautiously optimistic: New York—Media executives are cautiously optimistic about this year, according to the “2012 Media Growth Survey Report,” released by Jordan, Edmiston Group and Econsultancy.
CFO Publishing Buys Innovation Enterprise
CFO Publishing acquires Innovation Enterprise Group: New York—CFO Publishing, publisher of CFO, has acquired the London-based Innovation Enterprise Group, a producer of conferences for senior finance executives. Financial terms of the deal were not disclosed.
Topspin Buys Stagnito Media
Stagnito Media sold to Topspin Partners: Deerfield, Ill.—Stagnito Media, a b-to-b media company that focuses on the food and retail sectors, has been sold to private equity firm Topspin Partners LBO for an undisclosed sum.
Bertelsmann Spins Off Its Arvato Printing Operations
Bertelsmann Spins Off Its Arvato Printing Operations: GÜTERSLOH, GERMANY—Jan. 25, 2012—Bertelsmann is focusing its Arvato division on growth with an emphasis on the services businesses. To achieve this, the gravure printing operations and all of Arvato’s international printers are being grouped into a separate unit outside the Arvato division.The new printing unit will have revenues of €1.2 billion and will consist of the Prinovis Group and its sites in Germany and the U.K., along with Arvato’s printers in Italy, Spain and the United States.
Kodak Seeking $950 Million from Investors
Kodak identifies core businesses as it pitches for $950m financing: Kodak has singled out digital printing and packaging solutions as being among its most valuable growth businesses, as part of its pitch to potential investors.
Tuesday, January 24, 2012
U.S. and Canada Sign Lumber Trade Extension
The 2006 U.S.-Canada Softwood Lumber Agreement will be extended an additional two years until 2015. In the original agreement, which remains unchanged, the U.S. agreed to cease imposing antidumping and countervailing duties and Canada consented to export charges and volume limitations when the price fell below a certain level.
U.S. Recovered Paper Use Falls
U.S. Recovered Paper Consumption Drops 5% in 2011: According to the December 2011 Recovered Paper Monthly Report published by the American Forest & Paper Association (AF&PA), total U.S. industry consumption of recovered paper was 2.3 million tons, 7.5% lower than December of last year, and 3% lower than November 2011. Overall, consumption of recovered paper in 2011 was 5% lower than in 2010.
Kruger Corner Brook Mill Announces Plan
http://foresttalk.com/index.php/2012/01/23/job-cuts-coming-to-corner-brook-pulp-and-paper/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+foresttalk%2FZdAe+%28ForestTalk%29&utm_content=Google+Reader
Kruger announced a cost cutting plan for its Corner Brook, Newfoundland mill; it includes reducing labor costs and will be implemented in the first quarter of 2012. The mill has two paper machines with a total capacity of approximately 260,000 metric tonnes per year of newsprint. In what was assumed to be an accidental release of an internal company memorandum to CBC, Kruger said mill labor costs were $40 per metric tonne more than the $100 average for North America and that the facility would operate more efficiently with 135 fewer workers.
Meredith Buys Allrecipes.com from Reader’s Digest Association
Meredith Corp. is acquiring all recipes.com from reader’s Digest for $175 million. The deal is expected to close by the end of this quarter.
Meredith National Media Announces FY Q2 Results
Meredith National Media Group's Ad Revenue Drops in Fiscal Second Quarter: Meredith saw a mixed fiscal 2012 second quarter, according to a company financial statement. While expenses for the National Media Group decreased 8 percent from the same period last year, overall and advertising revenue also fell during this quarter. Net revenue per magazine page rose by 8% .
24 Days, 9 Magazine/Website Deals
Nine magazine and website deals in the last 24 days. More than a few magazine and media executives spent the holidays putting the finishing touches on deal closures. We're only 3 weeks into January and there's been a flurry of M&A action—from decently big deals to small.
Heart & Soul Magazine Sold to Group of Investors
Heart & Soul Magazine Sold to Group of Investors: Heart & Soul, an 18-year old wellness magazine historically serving African-American women, has been sold by independent owner Edwin V. Avent to a group of investors known as Brown Curry Detry Taylor & Associates, LL.
R.R. Donnelley Signs Agreement with Metro Inc.
Donnelley Signs Multimillion-Dollar Print Management Agreement With Metro: CHICAGO/TORONTO—Jan. 24, 2012—R. R. Donnelley & Sons has been awarded a multiyear, multimillion-dollar agreement by Metro Inc., a leading grocery and pharmacy chain in Quebec and Ontario with more than 65,000 employees.
Monday, January 23, 2012
Supercalendered Paper Shipments Decline in December
As reported by the Pulp and Paper Products Council, Supercalendered paper shipments for December fell -29.7% in December as compared to the same month last year. Shipments were down -7.9% for the year. SC-A/SC-A+ shipments decreased -24.6% for the month and fell -14.1% for the year. Demand for the grade was down -22.8% for December and -7.8% for 2011 and imports decreased -16.5% for the month, but rose +1.2% for the year. SC-B/SNC+ shipments declined -35% for December, but increased +1.6% in 2011. Demand for the grade fell -33.4% for the month, but was up +2.8% for the year. Imports jumped >100% for both the month and for the full year.
NewPage Names Executive Vice President
James C. Tyrone Returns to NewPage as Executive Vice President, Commercial Operations & Business Development:
NewPage has appointed James C. Tyrone as executive vice president, Commercial Operations and Business Development, effective February 1, 2012. The Sales and Marketing, Order Management and Strategy groups will be realigned under his direction. Mr. Tyrone was formerly senior vice president of Sales and Marketing for the company. He most recently served as senior vice president at Appleton Papers.
Resolute Forest Products Extends Date
Resolute Extending Offer for Fibrek to February 13:
AbitibiBowater Inc., doing business as Resolute Forest Products, today announced that it extended to February 13 the expiry date for its offer to acquire all the issued and outstanding common shares of Fibrek Inc. Resolute CEO Richard Garneau said, "…over 57% of Fibrek shares have been tendered as of today."
Old Navy President Resigns
Old Navy president resigns: John Thomson (Tom) Wyatt, president of Gap Inc.'s Old Navy brand, resigned his position in order to become CEO of Portland-based global education company Knowledge Universe-U.S., said John Fread, director of PR at Knowledge Universe.
RRD Closes CT Plant
http://www.piworld.com/aggregatedcontent/117-lose-jobs-when-donnelley-printing-plant-windsor-ct-closesRR Donnelley & Sons is closing its Windsor, CT location in March, putting 117 people out of work. The company is required by law to let the state Department of Labor know about its plans two months ahead of the layoffs, and it did so on Monday.
Standard Register Announces Restructuring
Standard Register Announces Strategic Restructuring, Workforce Reduction: Standard Register announced a strategic restructuring program to better align the company’s resources in support of its growing core solutions business and to reduce costs to offset the impact of to offset the impact of declining revenue in its legacy operations.
Friday, January 20, 2012
Uncoated Woodfree Shipments Fell in December
The PPPC has reported that North American Uncoated woodfree shipments declined by -4.9% in December as compared to the same month last year. For 2011, shipments were down 3.3%. Demand for the month decreased -3.3% and for the full year it fell -3.4%. Imports rose +3.1% in December, but declined -2.9% for the whole of the year.
Sappi North America Names Mill Managing Directors
http://www.paperage.com/2012news/01_20_2012sappi_leadership_mills.html
Sappi Fine Paper North America has appointed Rick Dwyer as managing director of the company’s Cloquet mill in Minnesota. Sappi also reported that it has named Mike Haws as managing director of the Somerset mill in Maine. The facilities produce coated woodfree paper.
White Birch Owners and Unions in Talks
http://www.labour-reporter.com/articleview/12160-white-birch-paper-to-meet-with-quebec-workers-union
The owners of a Quebec pulp mill who announced the permanent shut down the plant last week will meet with its unionized employees to find a way to reopen the mill, according to a union press release.
The decision is welcome news to the Communications, Energy and Paperworkers (CEP) Union-Quebec, who represent the mill's workers.
The Quebec government decided to intervene in the dispute after the mill's 600 workers were laid off as a result of the closure. White Birch president Christopher Brant met with Quebec Economic Development Minister Sam Hamad on Jan. 16 to discuss options.
31% of Delivered Digital Ads Are Not Seen
http://www.foliomag.com/2012/comscore-debuts-digital-ad-measurement-solution
In a new study undertaken by comScore found that 31 percent of digital ads are delivered, but not seen by consumers.
Magazine News Roundup
http://www.foliomag.com/2012/atlantic-media-taps-editor-chief-new-global-business-brand
The Atlanta Media Company has named Kevin Delaney as editor-in-chief of its digital global business brand (as yet untitled). Mr. Delaney’s most recent work was as managing editor of the Wall Street Journal Online.
http://www.adweek.com/news/press/hearst-names-first-cto-137597
Hearst named Philip Wiser as its first chief technology officer. Mr. Wiser was most recently CTO of Sony Corp.
http://www.pubexec.com/article/martha-stewart-living-omnimedia-inc-names-peter-medwid-publisher/1
Martha Stewart Living Omnimedia has named Peter Medwid as Senior Vice President and Publisher of Martha Stewart Living, Christina Cranley as SVP and Publisher of Everyday Food and Whole Living.
http://www.adweek.com/news/press/week-snags-mens-journal-publisher-137590
Michael Wolfe, most recently publisher of Wenner’s Men’s Journal, has been named publisher of The Week.
Postal Rate Increases Effective Sunday/USPS Request PRC to Move Up Review of Plans
http://www.presort.com/2012/01/19/usps-urges-regulators-to-speed-up-review-of-network-cutbacks/
On Sunday, January 22, First Class Mail prices will jump 2.133% overall; stamps will be $0.45. Standard Mail (direct mail and catalogues) will go up 2.124% overall, Periodicals (magazines) will increase 2.133% overall and Package Services will rise 2.133% overall.
Separately, the USPS has asked the Postal Regulatory Commission to review the Postal Services plan to cut costs, including a slowdown First Class mail delivery, closing post offices and other options. The current deadline for the PRC’s non-binding advisory opinion is July 10, at the earliest; the USPS would like to move the date to mid-April. Several bills to address the on-going financial struggles of the Postal Service are before Congress.
manroland Divided into Three Units
manroland to be divided into 3 units: The creditors' committee under the guidance of provisional insolvency administrator Werner Schneider and chief representative of manroland Dr. Frank Kebekus was able to reach an amicable solution for an investor concept in the course of the company's insolvency proceedings. During the meeting, which took place on Wednesday in Augsburg, the solution to divide the company into three independent units turned out to be the preferred solution.
Thursday, January 19, 2012
Preliminary 2011 Coated Paper Shipments Reported
The Pulp and Paper Products Council has published coated paper shipments and demand numbers for the month of December and the whole of 2011. Coated mechanical paper shipments fell -10.2% in December as compared to the same month last year and were down -7.6% for the year. Demand decreased -13.4% for the month and -8.6% for 2011. Imports declined -29.4% in December and -13.4% for the full year. Coated woodfree shipments rose slightly, up +0.5% in December, but fell -4.1% in 2011. Demand was down -2.5% for the month and -2.8% for the year. Imports decreased -8.6% in December, but jumped +3.1% for 2011.
Resolute Forests Products Extends Shut Down of Mill
Resolute Forest Products, which temporarily closed its Fort Frances, Ontario uncoated mechanical mill in November, has announced it will continue the shut down until the end of January or until “…market conditions improve.”
Online Spending Up 23% in 2011
http://adage.com/article/mediaworks/emarketer-online-ad-spending-pass-print-time/232221/
Advertising spending on line grew to $32.03 billion in 2011, up 23%. eMarketer forecasts online ads will rise an additional 23.3%, to $39.5 billion, in 2012. The group is predicting that print ad expenditures in magazines will increase from $15.3 billion in 2011 to $15.4 billion in 2012. Total printed ads are forecast to decline, however, because of the decrease in newspaper advertising, from $36 billion in 2011 to $33.8 billion in 2012.
NewPage Port Hawkesbury Granted Extension
NewPage Port Hawkesbury was granted an extension to its creditor protection period in court today.
The company and its receiver Ernst & Young now have until the end of March to negotiate a final sale agreement with Pacific West Commercial Corp.
manroland to Become Three Independent Units
manroland to be divided into 3 units: The creditors' committee under the guidance of provisional insolvency administrator Werner Schneider and chief representative of manroland Dr. Frank Kebekus was able to reach an amicable solution for an investor concept in the course of the company's insolvency proceedings. During the meeting, which took place on Wednesday in Augsburg, the solution to divide the company into three independent units turned out to be the preferred solution.
Eastman Kodak Files for Chapter 11 Reorganization
Eastman Kodak announced today that it and its U.S. subsidiaries filed voluntary petitions for Chapter 11 business reorganization in the U.S. Bankruptcy Court for the Southern District of New York.
Wednesday, January 18, 2012
Resolute Forest Products Next Step in Bid for Fribrek
Resolute Updates Status of its Offer for Fibrek: AbitibiBowater Inc., doing business as Resolute Forest Products ("Resolute") (NYSE: ABH) (TSX: ABH), today announced that it filed an application with the Bureau de révision et décision (Québec), the administrative tribunal with statutory jurisdiction in securities law and regulatory matters in the province, for an order to cease trade Fibrek Inc.'s (Fibrek, TSX: FBK) shareholder rights plan (the "tactical poison pill").
Catalyst Paper Recapitalization Plan
Catalyst Paper Corporation announced today that it has applied for and received an initial court order under the Canada Business Corporations Act (CBCA) to commence the consensual restructuring process with its noteholders announced on January 14, 2012.
Contrary to certain media reports this is not a bankruptcy proceeding.
The company is also seeking recognition of these proceedings with the US Court in order for the Canadian order under the CBCA to be recognized in the United States.
The company will continue to operate and satisfy its obligations to trade creditors, customers, employees and retirees in the ordinary course of business during this restructuring process.
NewPage Port Hawkesbury Requests Third Extension
NewPage Port Hawkesbury will ask the court for a third extension, until March 30, to their Stay Period under the Companies’ Creditors Arrangement Act (CCAA). The company requires the additional time to complete the proposed sale of the Nova Scotia mill to Pacific West Commercial Corp. The company will also inform the court that all of the officers of NewPage Port Hawkesbury, excepting Mill Manager Tor Suther and Controller Jacques Beaudoin, plan to resign to avoid a conflict of interest as they are also on the board of the parent company, NewPage Corp., of Ohio. The company is seeking approval from the court of the appointment of Peter Wedlake (of Green Hunt Wedlake Inc.) as Chief Restructuring Officer (CRO) of NewPage Port Hawkesbury after the resignations.
Two Potential Buyers for manroland
Two Potential manroland Suitors Identified: An earlier news item indicated an imminent decision was coming regarding the future of manroland and its assets relative to the ongoing insolvency proceedings.
A decision was to be coming today. The potential suitors have been identified by several reports to be U.S. venture capital firm Platinum Equity and Germany's Possehl, a conglomeration of more than 130 different companies.
A decision was to be coming today. The potential suitors have been identified by several reports to be U.S. venture capital firm Platinum Equity and Germany's Possehl, a conglomeration of more than 130 different companies.
Tuesday, January 17, 2012
Stora Enso Reorganizes Business Areas and Reporting Segment Structure
Stora Enso is realigning its business as follows: the paper reporting segments Newsprint and Book Paper, Magazine Paper and Fine Paper will be combined into Printing and Reading, headed by EVP Juha Vanhainen. Consumer Board and Industrial Packaging will become the Renewable Packaging Business Area and Reporting Segment headed by EVP Mats Nordlander. A new business unit composed of pulp mills and wood plantations is called Biomaterials and headed by EVP Juan Bueno. Lastly, the Wood Products Business had been renamed Building and Living and will be headed by EVP Hannu Kasurinen.
Publishers Find New Venue for Single Copy Sales
Selling printed back issues of magazines has always proved a challenge for publishers; now they are finding that digital subscriptions, which offer single issues, are a practical avenue. At Hearst Magazines, 30% of the single copies sold on tablets are back issues, according to president David Carey. Hearst sells digital editions of many of its titles including Cosmopolitan, Esquire and Popular Mechanics on the iPad; single issues represent 10% - 15% of its digital editions volume and back issues make up some 4% of the total. Carey calls back issues the “long tail” of digital editions… making our ‘back list’ more easily accessed by readers.” Bonnier has had a similar experience. Its Popular Science magazine back issues have accounted for 40% of the single digital copies sold this year. For Martha Stewart Omnimedia, titles Martha Stewart Living and Everyday Food report that 25% of their digital single copies sold on the iPad are back issues.
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