NewPage Reaches Agreement with Creditors on Chapter 11 Plan: NewPage Corp. has reached an agreement in principle with all of its major creditor groups concerning the terms of its Chapter 11 plan. A brief summary of the agreement in principle has been posted to the KCC restructuring website.
From BloombergNewsweek:
The NewPage Corp. warring creditor factions came to agreement on a reorganization plan with help from a bankruptcy judge serving as mediator.
The plan will give all the stock to holders of first-lien notes. Second-lien noteholders and some unsecured creditors will split up $30 million in cash and the first $50 million collected by a litigation trust.
After the initial $50 million from the trust, additional distributions will be shared by the first- and second-lien noteholders and some unsecured creditors.
Trade suppliers who agree to provide credit in the future will receive 15 percent on their claims over two years, according to a company statement.
The company reported a $2.25 million net loss in August on net sales of $273.7 million. Reorganization expenses in the month were $3.9 million, according to the operating report filed with the bankruptcy court in Delaware.
Newpage filed a Chapter 11 plan in August that dissatisfied both secured and unsecured creditors. NewPage had been saying that unsecured creditors are “hopelessly out of the money” with no theory that would bring them a dividend under a Chapter 11 plan. For details on the August plan, click here for the Aug. 14 Bloomberg bankruptcy report.
Although the NewPage bankruptcy is pending in Delaware, the mediator was Bankruptcy Judge Robert Drain from New York.
Newpage will fund the litigation trust with $40 million cash and specified lawsuit recoveries. NewPage will also loan the trust $5 million to be used for administrative expenses. The official creditors’ committee supports the newly negotiated plan.
The official committee argued that that the lenders financed an acquisition in 2007 and a refinancing two years later that included fraudulent transfers. For details on the creditors’ claims, click here for the May 9 Bloomberg bankruptcy report.
Eighty percent owned by Cerberus Capital Management LP, NewPage listed assets of $3.4 billion and debt totaling $4.2 billion in the Chapter 11 reorganization begun in September 2011. Liabilities included $232 million on a revolving credit plus $1.77 billion on 11.375 percent senior secured first-lien notes.
Second-lien obligations include $802 million in 10 percent secured notes and $225 million in floating-rate notes. In addition to $200 million in 12 percent senior unsecured notes, $498 million is owing on two issues of floating-rate pay-in-kind notes.
NewPage, based in Miamisburg, Ohio, filed bankruptcy with 16 paper-making machines operating in seven plants in the U.S. and Nova Scotia. The Canadian affiliate filed for reorganization in Nova Scotia. The company reported a net loss of $229 million in the first half of 2011 on revenue of $1.79 billion, following a $674 million net loss in 2010 on revenue of $3.6 billion.
Tuesday, October 2, 2012
Holmen to Close Hallsta 140,000 mtpy SC PM
Holmen to shut 140,000 tonne/yr SC machine at Hallsta mill in Sweden, mill to focus on MF magazine and book paper: Holmen Paper is starting work aiming to concentrate production at the mill in Hallstavik to two paper machines with strong positions in their respective product segments: MF Magazine and book paper. The result of this is that the mill's oldest machine, PM 3, is being shut down. At the same time, there are plans to invest in energy efficiency measures that, together with the closure, will considerably reduce the mill's future investment needs. These measures will strengthen the mills competitiveness.
Resolute Increases Pulp Price
Resolute Forest
Products told North American customers its northern bleached softwood kraft
(NBSK) and southern bleached softwood kraft (SBSK) market pulp prices would increase
$20/tonne, effective October 1.
China's Pulp Imports Fall, RCP Up
China's total
pulp imports dropped 4.6% in August compared to the previous month, to nearly
1.141 million tonnes, according to data from China Customs.
China's total
recovered paper (RCP) imports climbed 12.5% to nearly 2.646 million tonnes in
August, up from some 2.352 million tonnes in July, according to data from China
Customs.
Barker Named Paperlinx Chairman
Boon replaced by actuary Michael Barker as Paperlinx chairman:
Michael Barker joins newly-appointed non-executive director Robert Kaye and Andrew Price, who was brought onto the Paperlinx board on September 1, despite Boon voicing concerns in a letter to shareholders about Price becoming a non-executive director, in the run up to an extraordinary AGM in April.
Michael Barker joins newly-appointed non-executive director Robert Kaye and Andrew Price, who was brought onto the Paperlinx board on September 1, despite Boon voicing concerns in a letter to shareholders about Price becoming a non-executive director, in the run up to an extraordinary AGM in April.
Modern Luxury Buys Aspen
Modern Luxury Acquires Aspen Magazine:
Affluent lifestyle publisher Modern Luxury is closing a hole in its portfolio with the acquisition of Aspen Magazine—a market the CEO says will help propel the company’s growth.
Affluent lifestyle publisher Modern Luxury is closing a hole in its portfolio with the acquisition of Aspen Magazine—a market the CEO says will help propel the company’s growth.
Smaller Deals Driving Media M&A Activity
Lots of Smaller Deals Are Driving Media M&A Activity:
Media, information and marketing acquisition volume and value continue to grow according to a third-quarter M&A report released by media bankers The Jordan, Edmiston Group. Year-to-date deal volume pace has been driven primarily by smaller, sub-$50 million transactions, however, with strategic buyers accounting for the vast majority.
The report says deal volume is up 49 percent for the first three quarters over the same period last year to 946—91 percent of the deals were below $50 million.
Media, information and marketing acquisition volume and value continue to grow according to a third-quarter M&A report released by media bankers The Jordan, Edmiston Group. Year-to-date deal volume pace has been driven primarily by smaller, sub-$50 million transactions, however, with strategic buyers accounting for the vast majority.
The report says deal volume is up 49 percent for the first three quarters over the same period last year to 946—91 percent of the deals were below $50 million.
Hearst CDS Global Offers eEditions Platform
http://www.foliomag.com/2012/cds-global-launches-digital-newsstand-data-management-system#
The collection and management of the raw customer and sales data that comes out of the digital newsstand providers has been a huge pain point for publishers.
Simply put, digital edition and app sales data coming in from Amazon, Apple, Barnes & Noble, Zinio and the rest is not standardized. --> Fulfillment providers have been in the unique position of finding a solution to this issue and Hearst-owned CDS Global has just rolled out a platform it's calling eEditions that aims to collect, filter and standardize sales data from all of the major digital newsstands.
The collection and management of the raw customer and sales data that comes out of the digital newsstand providers has been a huge pain point for publishers.
Simply put, digital edition and app sales data coming in from Amazon, Apple, Barnes & Noble, Zinio and the rest is not standardized. --> Fulfillment providers have been in the unique position of finding a solution to this issue and Hearst-owned CDS Global has just rolled out a platform it's calling eEditions that aims to collect, filter and standardize sales data from all of the major digital newsstands.
Hearst Design Group Consolidates Editorial Side
http://www.adweek.com/news/press/hearst-design-group-consolidates-editorial-side-144129
Hearst Magazines' Design Group, comprised of House Beautiful, Veranda and Elle Decor, is combining several editorial departments and is expected to eliminate some positions in the process.
Newell Turner, currently House Beautiful editor in chief, will become editor in chief of the group, a newly created position. Each title will have its own eic—Michael Boodro and Dara Caponigro will remain at Elle Decor and Veranda, respectively, while House Beautiful—the largest of the three with a circulation of 835,005—will get a new editor), as well as design director, interiors editor and senior writer. All three magazines—which already share a publishing department—will share market, features, and photography departments, though.
Hearst Magazines' Design Group, comprised of House Beautiful, Veranda and Elle Decor, is combining several editorial departments and is expected to eliminate some positions in the process.
Newell Turner, currently House Beautiful editor in chief, will become editor in chief of the group, a newly created position. Each title will have its own eic—Michael Boodro and Dara Caponigro will remain at Elle Decor and Veranda, respectively, while House Beautiful—the largest of the three with a circulation of 835,005—will get a new editor), as well as design director, interiors editor and senior writer. All three magazines—which already share a publishing department—will share market, features, and photography departments, though.
More Titles Launched First 9 Months 2012
http://www.crainsnewyork.com/article/20121001/MEDIA_ENTERTAINMENT/120929881
Publishers launched 155 magazines in
the first three quarters of 2012, among them Fairchild Publications' men's
fashion quarterly M and northeast Mississippi's new lifestyle title Mud &
Magnolias.
An even more promising statistic for the
period: Only 55 magazines folded, compared to a loss of 119 titles a year ago.
WSJ Launches "Mansion"
“Mansion” will run as a standalone section in the Journal every Friday in the U.S., with select content appearing each week in the Journal's Europe and Asia editions. Relevant content will also run in WSJ.com's Chinese-, German- and Japanese-language editions. All “Mansion” content will be available via the Journal's universal app for iPhone and iPad.
Canadian Print Magazine Readership Up
http://www.marketingmag.ca/news/media-news/pmb-reports-magazine-readership-up-slightly-in-2012-62838
Print magazines in Canada had an average readership of 1.02 million Canadians in 2012, a slight rise from 1 million in 2011.
Time Inc. Introduces Amplify
http://adage.com/article/media/time-s-ad-product-ceo-laura-lang/237479/
Time Inc. is introducing a digital ad unit that pairs its editorial content with brands' marketing messages on Time Inc. properties and beyond.
Time Inc. is introducing a digital ad unit that pairs its editorial content with brands' marketing messages on Time Inc. properties and beyond.
The product, which Time Inc. is calling Amplify,
is one of the company's first tangible moves to boost digital revenue since CEO
Laura Lang joined in January from the digital agency Digitas.
PRC Questions USPS Plan
http://www.reuters.com/article/2012/09/29/us-usa-postal-processing-idUSBRE88S00F20120929?feedType=RSS&feedName=domesticNews
The Postal Service's regulator on Friday questioned the potential savings from a plan to shut mail processing sites and slow mail delivery, saying the mail agency could save about the same amount without making major changes to delivery times.
The Postal Service's regulator on Friday questioned the potential savings from a plan to shut mail processing sites and slow mail delivery, saying the mail agency could save about the same amount without making major changes to delivery times.
But postal officials' assumption that the best response to lower volume was to slow delivery caused it to overlook other cost-cutting options, the Postal Regulatory Commission said in a non-binding opinion.
CA; First Free Online Text Library
http://www.sacbee.com/2012/09/27/4861604/california-governor-signs-free.html
Today, Governor Jerry Brown signed a monumental set of bills that create the nation's first free online textbook library, an effort aimed at alleviating the burden of rising costs to students attending California's public postsecondary institutions. California is now set to become the nation's first state to create a digital textbook library free of charge for the state's most popular college courses, says the 20 Million Minds Foundation.
Today, Governor Jerry Brown signed a monumental set of bills that create the nation's first free online textbook library, an effort aimed at alleviating the burden of rising costs to students attending California's public postsecondary institutions. California is now set to become the nation's first state to create a digital textbook library free of charge for the state's most popular college courses, says the 20 Million Minds Foundation.
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