Tuesday, August 7, 2012
House Waiting On USPS Date On Reform Bill
House GOP Waiting on Postal Service Drop-Dead Date to Move on Reform Bill: The House has left Washington without passing a fix to the Postal Service. House Republicans acknowledge that postal reform could be a tough vote for some of their members, with the issue not breaking down as cleanly along ideological lines as subjects such as the Bush-era tax rates the House voted on just before leaving for recess.But sponsors of the House GOP postal bill suggest another factor at play as well: Lawmakers don't know exactly when the Postal Service might hit a doomsday date when they wouldn't be able to deliver the
Appleton Papers Records Q2 Loss
Appleton Papers records quarterly loss: Appleton Papers blamed expenses related to stopping papermaking in Ohio and its unsuccessful merger with a Dallas-based investment group for its $32.5 million quarterly loss.The company said Monday its second quarter net sales of $213.9 million was a 1.2 percent drop from net sales of $216.6 million recorded the same time last year. The company said costs to stop papermaking at its West Carrollton, Ohio facility totaled $42.9 million. The company also spent $6.5 million on costs associated with a plan to merge with Hicks Acquisition Co.
Monday, August 6, 2012
Catalyst Paper Obtains Financing
Catalyst Paper obtains financing required to emerge from creditor protection:
Catalyst Paper has entered into a commitment letter with a Canadian chartered bank for a $175 million syndicated asset based loan facility (ABL Facility) maturing on the earlier of 5 years from date of closing and 90 days prior to maturity of any significant debt.
The ABL Facility is a pre-condition for Catalyst to exit from creditor protection and would provide for the refinancing of existing credit facilities to fund the operations of the company on exit from creditor protection and for general corporate purposes thereafter.
Catalyst Paper has entered into a commitment letter with a Canadian chartered bank for a $175 million syndicated asset based loan facility (ABL Facility) maturing on the earlier of 5 years from date of closing and 90 days prior to maturity of any significant debt.
The ABL Facility is a pre-condition for Catalyst to exit from creditor protection and would provide for the refinancing of existing credit facilities to fund the operations of the company on exit from creditor protection and for general corporate purposes thereafter.
Great Northern Starts Second PM
Price Fixing Lawsuit Revived
US court revives Stora Enso paper price-fixing case:
A federal appeals court in New York revived on Monday an antitrust lawsuit in which purchasers accused a unit of Finland's Stora Enso Oyj of conspiring to fix prices of coated paper used in magazines. The 2nd U.S. Circuit Court of Appeals said a lower court erred in dismissing the case against Stora Enso North America Corp, because a jury could reasonably find that it entered an unlawful agreement with Finland's UPM-Kymmene Oyj to raise the price of so-called "publication paper."
A federal appeals court in New York revived on Monday an antitrust lawsuit in which purchasers accused a unit of Finland's Stora Enso Oyj of conspiring to fix prices of coated paper used in magazines. The 2nd U.S. Circuit Court of Appeals said a lower court erred in dismissing the case against Stora Enso North America Corp, because a jury could reasonably find that it entered an unlawful agreement with Finland's UPM-Kymmene Oyj to raise the price of so-called "publication paper."
Irving vs. New Brunswick Commission
J.D. Irving vs. New Brunswick Forest Products Commission:
The New Brunswick Forest Products Commission ruled that J.D. Irving must buy wood through the marketing boards. J.D. Irving prefers to negotiate privately with individual woodlot owners, picking and choosing which buyers to do business with. The company wants to enter into a signed contractual agreement with the woodlot owners they deal with. As a protest to the ruling, J.D. Irving has suspended deliveries of pulpwood from private woodlot owners that they do not have a signed contract with.
The New Brunswick Forest Products Commission ruled that J.D. Irving must buy wood through the marketing boards. J.D. Irving prefers to negotiate privately with individual woodlot owners, picking and choosing which buyers to do business with. The company wants to enter into a signed contractual agreement with the woodlot owners they deal with. As a protest to the ruling, J.D. Irving has suspended deliveries of pulpwood from private woodlot owners that they do not have a signed contract with.
CQ Roll Call Combines Brands into One
CQ Roll Call to fold brands into single print publication: The Economist Group's CQ Roll Call, which publishes several media products that cover Congress, is consolidating all its brands into one daily print publication. CQ Roll Call's portfolio includes CQ Today, CQ Weekly, Roll Call and TranscriptsWire, a database of congressional transcripts.
Open Sky Media Buys Gulfshore Media
Open Sky Media Buys Gulfshore Media Properties:
Open Sky Media, a portfolio company of Chicago-based private equity firm Hadley Capital, is expanding its network of regional magazines with acquisition of several properties from Gulfshore Media LLC. Terms of the deal were not released.
Open Sky Media, a portfolio company of Chicago-based private equity firm Hadley Capital, is expanding its network of regional magazines with acquisition of several properties from Gulfshore Media LLC. Terms of the deal were not released.
Reader's Digest Makes Exec Change
Reader’s Digest Association announced last
week as Dan Lagani, the head of its North American operations, has left the company.
Chief Executive Robert Guth will take over
direct responsibility for the flagship magazine, according to an e-mail sent to
employees.
Quad/Graphics Announces Changes
Quad/Graphics to Lay Off 50 to 60 People by End of Year: Quad/Graphics confirmed today it will cut between 50 and 60 jobs at the Kerper Boulevard plant in Dubuque (IA) by the end of the year. The company also cut 24 jobs at the Dubuque plant in May and said it was “looking at ways to maximize its its efficiency and competitive platform,” according to Claire Ho, director of corporate communications.
Q1 Global Ad Spending Up
Nielsen: Ad spending worldwide on the rise: According to Nielsen's “Global AdView Pulse,” worldwide ad expenditures were up 3.1% overall in the first quarter compared with the same period last year.
Friday, August 3, 2012
Verso Announces Permanent Closure of Sartell
Verso Paper Corp. Announces Permanent Shutdown of Sartell Mill: Verso Paper Corp. today announced that after conducting a comprehensive assessment, Verso has made the difficult decision not to reopen its paper mill in Sartell, Minnesota.
The permanent closure of the Sartell Mill will reduce Verso's annual coated mechanical capacity by 180,000 tons and will eliminate approximately 35,000 tons of annual supercalendered paper capacity.
The permanent closure of the Sartell Mill will reduce Verso's annual coated mechanical capacity by 180,000 tons and will eliminate approximately 35,000 tons of annual supercalendered paper capacity.
Verso to be Billed by Public Safety Agencies
Public
safety agencies that responded to the Verso paper mill on May 28 following a
fatal fire have listed expenses that will mean a $350,000 bill to the company
for reimbursement.
News on Port Hawkesbury Sale
A claim that electricity customers will pay
an extra $7 million a year to operate a new biomass plant because a Cape Breton
paper mill needs the steam is wrong, says the mill’s would-be owner.
Pacific West Commercial Corp. called the
figure, included in a regulatory filing last week by the Avon Group of
companies, an “erroneous assertion.”
The Supreme Court of Nova Scotia approved a
plan Wednesday that would see 11 municipalities paid about $3 million in
outstanding property taxes if the sale of the idle NewPage Port Hawkesbury
paper mill is approved.
Sappi Reports Q3 2012 Results
Operating
profit excluding special items for the quarter was in line with guidance and
similar to that achieved in the corresponding quarter in the prior year.
Sales
for the quarter was US$1.5 billion, a decrease of 14% in US Dollar terms compared
to the equivalent quarter a year ago primarily due to a stronger US Dollar
which impacted the translation of the European and South African sales, and 7%
lower sales volumes in Europe.
Norske Skog Reports Q2 Results
Norske Skog, Second Quarter 2012: Lower Debt and Stable Margins: (Norway) Higher capital utilisation and lower costs strengthen Norske Skog's gross operating earnings in the second quarter compared with the same quarter last year. Gross operating earnings in the second quarter were NOK 393 million, up from NOK 248 million in the same period last year, mainly due to lower costs and better capacity utilisation.
City & Regional Magazines Centered on Print
The 2012 City and Regional Magazine Survey: While consumer magazines across the industry wrestle with their mobile and digital strategies, the city and regional sector continues to focus on its print-centric strategies, largely maintaining modest digital operations.
June Commercial Printing Shipments Up
June 2012 US Commercial Printing Shipments Up +$139 Million Compared to 2011 (Economics & Research Center):
The US Commerce Department report of US commercial printing shipments for June 2012 was $6.85 billion, up +$139 million compared to last year (+2.1%). On an inflation-adjusted basis, shipments were up +$27 million (+0.4%).
The US Commerce Department report of US commercial printing shipments for June 2012 was $6.85 billion, up +$139 million compared to last year (+2.1%). On an inflation-adjusted basis, shipments were up +$27 million (+0.4%).
Time Names Editor, Southern Living
Time
Inc.’s Lifestyle Group editor Sid Evans has landed a big fish in his effort
to rebuild his magazine stable, hiring food editor Hunter Lewis away from Condé Nast’s Bon
Appétit.
Lewis
will be executive editor at Southern Living, overseeing food content in
print and online and managing the magazine’s test kitchen staff.
Time Inc. Reports Q2 Revenue
Time Warner took time to boast
about HBO during its earnings call this morning. But it was harder to brag
about its Time Inc. publishing unit, which had another
lousy quarter: Revenue was down 9 percent, and operating income was down 43
percent.
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