NewPage Corp. Files for Bankruptcy Protection

NewPage Group and certain of its U.S. subsidiaries have commenced voluntary Chapter 11 cases, which are pending in the U.S. Bankruptcy Court for the District of Delaware. The company’s Consolidated Water Power subsidiary is not part of the filing.

Separately, the company’s Canadian subsidiary, NewPage Port Hawkesbury, has brought proceedings before the Supreme Court of Nova Scotia under the Companies’ Creditors Arrangement Act of Canada (CCAA). In order to maximize efficiency in both the U.S. and Canadian Court processes, NewPage and NewPage Port Hawkesbury have executed a Settlement and Transition Agreement, subject to approval by the Canadian Court.