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Ohio paper producer NewPage Corp. files for Chapter 11 bankruptcy protection, restructuring
MIAMISBURG, Ohio (AP) ' Paper producer NewPage Corp. says it is seeking Chapter 11 bankruptcy protection while it restructures.
The Ohio-based company said Wednesday that it expects to continue operating its U.S. business as usual and has commitments for $600 million in financing led by J.P. Morgan. A statement from NewPage's Miamisburg headquarters says it expects to emerge as a financially stronger company.
The company has 6,923 employees nationwide.
At the end of last year, NewPage reported more than $3 billion in debts, and a net loss of $656 million for 2010.
The statement says the company has filed in federal bankruptcy court in Delaware.
NewPage makes coated paper used in magazine and catalogs.