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").
Wednesday, January 18, 2012
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.
Sappi Names CFO
Sappi Announces Steve Binnie to Succeed Mark Thompson as Chief Financial Officer:
Sappi has announced the appointment of Steve Binnie as Chief Financial Officer. Mr. Binnie is currently the CFO of Edcon (Pty) Ltd and will replace the retiring Mark Thompson. He is joining Sappi on July 9th.
DS Smith Buys SCA Packaging Operations
DS Smith launches £1.4bn bid for SCA Packaging: DS Smith has launched a £1.4bn reverse takeover bid for SCA's packaging division, in a deal that would make it the largest corrugated and second largest packaging business in Europe with a turnover of around £4bn.
Heidelberg Announces Efficiency Program to Improve Profitability
Heidelberg Moving Forward with Measures to Achieve Profitability Targets: HEIDELBERG, GERMANY—Jan. 17, 2012—As announced in November 2011, the management board of Heidelberger Druckmaschinen AG (Heidelberg) has agreed on the “FOCUS 2012” efficiency program to achieve the company’s profitability targets. The aim is to ensure that its target operating result before special items of around €150 million is still achieved in financial year 2013/14 and the company can independently continue to build on its leading position in the future.
Pharmaceutical Representative Magazine Closes
Advanstar’s Pharmaceutical Representative Folds: After a 41-year run, Pharmaceutical Representative magazine will fold. The January 2012 issue will be its last, as the magazine closes after 492 issues.
Monday, January 16, 2012
UPM Will Close Albbruk Mill
UPM to Close Down Its Albbruck Paper Mill in Germany:
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.
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.
Friday, January 13, 2012
M-real Selling Reflex to Hahnemühle
http://www.paperage.com/2012news/01_13_2012mreal_hahnemuhle.html
M-real has announced it is divesting its Reflex mill in Germany, which produces premium specialty papers used for brochures, letterhead, books, calendars and envelopes, to Walzmühle AG. Walzmühle AG is owned by Hahnemühle FineArt GmbH, Hahnemühle management and private shareholders of Hahnemühle. The deal is expected to close during the first quarter. The divestment marks the end of M-real’s operations at the Reflex facility; the company discontinued producing carbonless paper converting in late 2011 and sold PM5 and related assets to Metsä Tissue in 2010.
White Birch Closes Stadacona Mill
On Wednesday, the Communications, Energy and Paperworkers union at the White Birch Stadacona, Quebec newsprint mill rejected a labor contract offered by the company with 91% of the members voting no. Today, White Birch announced, as it warned it would do absent the ability to cut labor costs, that it is closing the facility.
Magazine News Roundup
Changes in ownership and people…
Vibe Holdings and Access Network are going to merge and operate as Vibe Media, which will manage Vibe, Uptown and BlackBook magazines.
Publishers Clearing House has acquired mobile marketing company Liquid Wireless, which specializes in lead generation, media buying and analytics.
New Bay Media is acquiring Guitar World, Revolver and Guitar Aficionado from Future plc for $3 million.
Random House of Canada has become the full owner of McClelland & Stewart, a trade book publishing house.
F+W, which has a line of cookbooks and other publications on antiques, collectibles, crafts, writing and horticulture, acquired World Tea Media, which organizes the World Tea Expo.
J.C. Penney’s has named Thomas J. Engibous as Chairman of the Board, effective January 28. Mr. Engibous is the retired Chairman of Texas Instruments.
Matthew Petersen, formerly of Hearst, has become president of TMG Custom Media.
And New Techniques to Reach Readers…
Hearst’s House Beautiful is expanding its integrated marketing campaign with Glidden paint using Digimarc’s digital watermark. This follows a successful program run in October and November. Scanning the watermark allows the reader to view a splash page spotlighting Glidden Paint’s new color blog portal before accessing a video feature from the magazine.
Popular Mechanics is making its QuakeTracker iPad feature, which was very popular on the digital version of the magazine, into a standalone app that advertises the paid monthly subscription of the print and digital publication. Like many promotions, the feature was originally to be a one-time feature.
In the March issue of Ladies Home Journal, the content will feature material from the magazines readers; editors are using the readers’ own stories posted on DivineCaroline.com.
Parents magazine is featuring a new design with its February issue.
Ad Spend Increased 1.5% in First Three Quarters
U.S. Ad Spend Increased 1.5% In the First Nine Months of 2011: Total U.S. advertising expenditures in the first nine months of 2011 increased 1.5% from a year ago and finished the period at $104.7 billion, according to data from Kantar Media. Spending growth slowed during the third quarter and was up 0.4 percent compared to last year.
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