Attached files
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EX-99.1 - NEWS RELEASE - NewPage Holding CORP | rrd294056_33648.htm |
Commission File
Number |
Exact name of registrant as specified in
its charter; State or other jurisdiction of incorporation; Address of principal executive offices; and Registrant's telephone number including area code |
IRS Employer
Identification Number |
001-32956
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NewPage Holding Corporation Delaware 8540 Gander Creek Drive Miamisburg, Ohio 45342
877.855.7243 |
05-0616158
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333-125952
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NewPage Corporation Delaware 8540 Gander Creek Drive Miamisburg, Ohio 45342
877.855.7243 |
05-0616156
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[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
On December 8, 2010, the board of directors and management committed to a plan to close the facility and the two paper machines at the facility. Approximately 360 employees at the facility will be affected. The decision to close the facility was made in order to better align capacity with market demand.
The facility closure and related activities are expected to be completed during the first quarter of 2011. We expect to incur charges totaling approximately $225 million to $255 million, which includes approximately $10 million to $15 million for severance and benefit costs and other closure costs and an impairment charge of $215 million to $240 million for the write-down of property and equipment and the write-off of stores and supplies inventory related to the machinery. The severance and other closure costs require the outlay of cash; the impairment charge and write-off of inventory represent non-cash charges. We expect to recognize charges in the fourth quarter of 2010 for asset impairments of $215 million to $240 million and for severance and other closure costs of $10 million to $15 million, with the remainder expected to be recognized in the first quarter of 2011. We have not yet finalized the cash costs and non-cash charges relating to the closure of the Whiting, Wisconsin mill; accordingly, actual cash costs and non-cash charges and their timing may differ from the projections stated in this paragraph.
NewPage Holding Corporation
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Date: December 13, 2010
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By:
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/s/ David J. Prystash
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David J. Prystash
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Senior Vice President and Chief Financial Officer
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NewPage Corporation
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Date: December 13, 2010
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By:
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/s/ David J. Prystash
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David J. Prystash
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Senior Vice President and Chief Financial Officer
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Exhibit No.
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Description
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EX-99.1
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News Release
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