breaking news

Clark County restaurant has received Ohio statehouse recognition

NewPage reports $2M loss in 2013


Amid uncertainty about its proposed acquisition by another company, local paper producer NewPage reported that it lost about $2 million last year.

That loss compares to net income of nearly $1.26 billion in 2012, the company said in an earnings report.

NewPage attributed the drop to costs associated with its stay in Chapter 11 bankruptcy protection and subsequent reorganization. NewPage, which has about 350 local employees, left bankruptcy in late 2012.

Net sales dropped from $3,054 million for the full-year 2013 compared to $3,131 million for 2012, a decrease of $77 million or 2 percent.

In January, NewPage and Tennessee-based Verso Paper Corp. announced a proposed $1.4 billion merger. Since then, however, leaders of the companies have made skeptical noises about the plan.

In a letter filed with the U.S. Securities and Exchange Commission last week, NewPage Chairman Mark Angleson wrote that if Verso is unable to abide by originally agreed-upon debt restructuring as part of the merger, “we will re-evaluate the merger and consider all our options.”

NewPage is standing fast on the part of the merger that would let the company restructure a big part of its debt.

On Jan. 28, Verso told NewPage in an earlier SEC-filed letter that it was having trouble convincing investors to finance the deal, saying investor participation to that point was “substantially fewer” than “minimum participation thresholds.”

Verso proposed eliminating or changing the “debt exchange” part of the deal, which would allow both companies to restructure existing debts.

It was in response to that suggestion that Angleson wrote, warning Verso not to expect “any flexibility whatsoever.”

A NewPage spokeswoman did not respond to a message seeking comment.


Reader Comments ...


Next Up in Business

Before Ohio’s sales tax holiday, retailers push back-to-school sales
Before Ohio’s sales tax holiday, retailers push back-to-school sales

It’s still only July, but retailers have been promoting their back-to-school sales for weeks now and the big push starts next weekend when Ohio’s sales tax holiday begins for the third year. Ohio’s sales tax holiday, which begins Friday and ends at midnight Sunday, offers sales tax exemptions on certain items for back-to school shoppers...
Starbucks to close all 379 Teavana locations, including local stores
Starbucks to close all 379 Teavana locations, including local stores

Starbucks announced it will close all 379 Teavana retail stores, including several locations locally. The coffee giant announced the company’s principally mall-based Teavana retail stores have been “persistently underperforming,” according to a company statement. Following a “strategic review of the Teavana store business,&rdquo...
Kroger appoints new division president
Kroger appoints new division president

The Kroger Co. has appointed a new ruler division president. Liz Ferneding has been appointed as the new ruler division president, effective July 31. She succeeds Paul Bowen, who replaced in May. The ruler division is headquartered in Seymour, Indiana, with 48 stores operating in Illinois, Indiana, Kentucky, Missouri, Ohio...
Enon-based Speedway hits near record earnings of $239M
Enon-based Speedway hits near record earnings of $239M

Marathon Petroleum Corp. reported $515 million in earnings in the second quarter this year, a significant drop compared to the same time last year despite near record income from the company’s Speedway segment — one of Clark County’s biggest employers. Company officials said Thursday they continue to study a proposal to spin...
Amazon CEO Jeff Bezos takes Bill Gates' place as world's richest man
Amazon CEO Jeff Bezos takes Bill Gates' place as world's richest man

Jeff Bezos, CEO of Amazon and owner of The Washington Post, is the richest man in the world, taking the spot previously held by Microsoft founder Bill Gates, Forbes reported Thursday.  Bezos, who owns just under 80 million shares of Amazon, had a net worth of $90.6 billion when markets opened Thursday, which put him $500 million ahead of...
More Stories