NewPage reports net loss of $524 million in 2011
The company is reporting a net loss of $524 million in 2011 compared to a loss of $693 million in 2010.
Net sales for 2011 were $3,502 million (a 3% drop from 2010).
Sales volume decreased to 3,954,000 tons in 2011 compared to 4,370,000 tons in 2010 as a result of the shutdown of the Whiting mill in February 2011 and the Port Hawkesbury mill in September 2011.
Total liquidity at December 31, 2011, was $254 million, consisting of $127 million of availability under the DIP revolving credit facility and $142 million of available cash and cash equivalents, reduced by a required $15 million of minimum cash and cash equivalents on hand.
NewPage commenced voluntary Chapter 11 proceedings in the U.S. on September 7, 2011. NewPage’s Canadian subsidiary, NewPage Port Hawkesbury, is similarly under protection from creditors. NewPage paid a $25 million settlement in exchange for being relieved of all liability associated with NewPage Port Hawkesbury. NewPage no longer has control of its Port Hawkesbury assets and have deconsolidated NewPage Port Hawkesbury from its consolidated financial statements.
A narrative year-end report is available at www.NewPageCorp.com.
- 21 potential purchasers interested in the NewPage Port Hawkesbury mill
- List of bidders for NewPage Port Hawkesbury reduced from 21 to 14
- NewPage Port Hawkesbury workers sue company for $168 million in unpaid severance, pensions, and benefits
- Port Hawkesbury mill gets 60 day extension to creditor protection period
- Judge approves reserve funds for payments to NewPage Port Hawkesbury's wood suppliers and contractors
- Bowater Mersey asks for power rate discount
- Who wants to buy NewPage Port Hawkesbury?
- Paper Excellence is one of the bidders for NewPage Port Hawkesbury