NewPage may seek protection under Chapter 11


US coated paper manufacturer NewPage may have to seek protection under Chapter 11 of the US Bankruptcy Code and applicable Canadian laws. In its Q2 report, the company said that its current liabilities exceeded its current assets by $2.5bn forcing it to either restructure its debts or seek protection if this imbalance could not be corrected. NewPage generated sales of $888m in the second quarter compared to $890m in the same period last year. Net losses decreased from $174m to $132m.

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