Judge Christopher Sontchi of the U.S. Bankruptcy Court for
the District of Delaware in Wilmington on July 27 signed an order approving the
bidding procedures of the newsprint producer.
According to court papers filed July 19, an affiliate of
secured lender GE Capital Corp. will be stalking-horse bidder for the assets in
a deal valued at $145 million. SPN AcquisitionCo LLC would credit-bid the
entire amount of GE Capital’s outstanding revolving loans and a portion of an
outstanding term loan for substantially all of the Greenwich, Conn., newsprint
producer’s assets.
