With neither an investor nor a way to continue operations found during discussions with employee representatives and local authorities, UPM will close its Albbruk, Germany mill by January 31. The mill employs 508 workers. The sheeting lines will be moved to the company’s Plattling facility. Albbruk is the last of the mills to close since UPM announced its capacity cutting plans last August. UPM Myllykoski, Finland, with 600,000 metric tonnes of magazine paper capacity, was the first to close on December 9, 2011. UPM Ettringen, Germany, with 110,000 mtpy of newsprint capacity closed on December 14. Albbruk has 320,000 mtpy of magazine paper capacity. The company also still plans to sell its Stracel, France mill.
Monday, January 16, 2012
Negotiations for Sale of manroland in Moving Forward
Manroland bids to be put to creditors on Wednesday: Negotiations for the sale of Manroland have entered the final stages, with a shortlist of two different bid proposals due to be presented to creditors on Wednesday (18 January).
Catalyst Paper in Agreement to Reduce Debt Burden
http://www.catalystpaper.com/media/news/community/catalyst-board-directors-recommends-support-recapitalization-transaction
Catalyst Paper Corporation announced today that the company has entered into an agreement (the Agreement) for a recapitalization transaction that will result in a significantly reduced debt burden. As reported on the company’s website; “Catalyst Paper's management team and Board of Directors believe that, in view of the challenges and risks to the company's ongoing viability created by the current paper, newsprint and pulp markets and the company's existing capital structure, the recapitalization is the best alternative available to the company and its note holders, shareholders and other stakeholders. The new capital structure will provide a stronger financial base for the execution of the company's operating strategy and enhance the long-term value of the company. The recapitalization is expected to close by March 31, 2012.”
Hanley Wood Recapitalizes, Reduces Debt
http://www.btobonline.com/article/20120116/MEDIABUSINESS1501/301169976/hanley-wood-recapitalizes-reduces-debt-by-330-million
Hanley Wood, a B-to-B construction information company that publishes Builder, among other titles, cut its long-term debt from $410 million to $80 million. A new ownership group (led by Oaktree Capital Management, Strategic Value Partners and Tennenbaum Capital Partners) invested $35 million of new capital in the company.
USPS Reports November Loss
http://www.btobonline.com/article/20120116/DIRECT0202/301169974/usps-reports-1-3-billion-loss-in-november
The U.S. Postal Service reported a net loss of $1.3 billion for November, the second month in the current fiscal year. News for Periodical mailings, which includes magazines, was good, however; the class had an increase in volume mailed of 2.7%, with revenue up 1.4%. News for total shipping services volume was even better; it jumped 32.7%. Total November mail volume fell -2.2%, as compared to the same month last year.
The U.S. Postal Service reported a net loss of $1.3 billion for November, the second month in the current fiscal year. News for Periodical mailings, which includes magazines, was good, however; the class had an increase in volume mailed of 2.7%, with revenue up 1.4%. News for total shipping services volume was even better; it jumped 32.7%. Total November mail volume fell -2.2%, as compared to the same month last year.
November Commercial Printing Shipments Decline
Commercial printing shipments for November were $7.1 billion in current dollars, down -1.4% compared to the same month last year. Shipments for the whole of 2011 are expected to be ~$84 billion.
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