SP Newsprint Reaches Forbearance Agreement With Its Lenders
July 13, 2011 (Press Release) - SP Newsprint Co., LLC [on July 12] announced that it has entered into a forbearance agreement with its revolving and term lenders.
Under the terms of the agreement, SP will be provided with additional liquidity and the lenders will forebear from exercising any rights or remedies that might otherwise have been available to them. During the forbearance period, SP, its lenders and advisors will work to develop and implement a business plan for SP which will ensure its viability on a long-term basis.
SP Newsprint Co., LLC is the fourth largest newsprint manufacturer in North America, with approximately 900,000 metric tons of newsprint production capacity. SP operates mills in Dublin, Georgia and Newberg, Oregon and operates 22 recycling facilities through its subsidiary, SP Recycling Corporation.
SOURCE: SP Newsprint Co., LLC