HALIFAX, Sept. 16, 2011 /CNW/ - On September 9, 2011, NewPage Port
Hawkesbury Corp. ("NPPH") filed for and obtained protection under the Companies' Creditors Arrangement Act ("CCAA"). Pursuant to an Order of the Court dated September 9, 2011
(the "Initial Order"), Ernst & Young Inc. ("E&Y") was appointed as
Monitor (the "Monitor") in the CCAA proceedings. Documents relating to
the CCAA proceedings can be obtained from the Monitor's website at www.ey.com/ca/npph.
NPPH operates a paper mill on Cape Breton Island, owns approximately
50,000 acres of timberland and manages 1.5 million acres of licensed
crown timberland in Nova Scotia. The NPPH mill consists of one
newsprint paper machine and one supercalendered paper machine with a
combined annual production capacity of 545,000 metric tonnes.
Supercalendered paper is a form of enhanced newsprint that is a value
added grade of paper used in catalogues, magazines, inserts and
flyers. Additionally, NPPH's mill operates a thermo-mechanical pulp
operation to provide the bulk of its fibre requirements.
On September 9, 2011, NPPH obtained a court order authorizing NPPH and
the Monitor to implement a sales process ("Sales Process Order") to
sell NPPH's assets and business. Sanabe & Associates LLC has been
retained by NPPH to assist in the sales process. The assets offered for
sale include the property and assets, and any liabilities required to
be assumed in connection with the purchase of the business of NPPH,
The sale of the Assets is on an "as is, where is" basis and without
surviving representations and warranties of any kind to the purchaser.
Subject to order of the Court, all rights, title and interests of NPPH
in and to the Assets will be sold free and clear of all claims. In
addition, a sale will be subject to court approval.
The deadline for submission of a non-binding letter of intent ("LOI") is
5:00 pm EST on September 28, 2011. Information which must be included
in the LOI and information on the process for submission can be found
in Schedule "A" of the Sales Process Order which can be found on the
Monitor's website at www.ey.com/ca/npph.
For further information:
Any parties who wish to commence due diligence must sign a Confidentiality Agreement. Parties should contact the Monitor at email@example.com or (506) 634-2158.
Attention: Mr. Jim Lutes
Ernst & Young Inc.
Monitor for NewPage Port Hawkesbury Corp.
1959 Upper Water Street, 13th Floor
Halifax, N.S. B3J 3N2