UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of

the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 8, 2013

 

 

RESOLUTE FOREST PRODUCTS INC.

(Exact Name of Registrant as Specified in Charter)

 

 

 

Delaware   001-33776   98-0526415

(State or Other Jurisdiction of

Incorporation or Organization)

  (Commission File Number)  

(I.R.S. Employer

Identification Number)

Resolute Forest Products Inc.
111 Duke Street, Suite 5000
Montreal, Quebec, Canada
 

H3C 2M1

(Address of principal executive offices)   (Zip Code)

(514) 875-2160

(Registrant’s telephone number, including area code)

 

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨ 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))

 

 

 

 


ITEM 7.01    REGULATION FD DISCLOSURE

On August 8 and 9, 2013, Resolute Forest Products Inc. (the “Company”) distributed from the disputed claim share reserve 1,268,420 shares of common stock for the benefit of unsecured creditors under the plans of reorganization. The remaining 203,791 shares from the disputed claim reserve have been definitively allocated for distribution as follows:

 

   

as certain debtors had no creditor, 46,884 shares will be transferred to the Company pursuant to the CCAA plan of reorganization; and

 

   

156,907 shares will be transferred to other claimholders, mostly current or former Canadian employees, subject to certain required regulatory clearances.

There being no remaining unresolved unsecured claim under the CCAA plan of reorganization, this was the final distribution to unsecured creditors under the plans of reorganization. Distributions from the disputed claim share reserve are not dilutive, as the shares in the reserve have been deemed outstanding since emergence from the creditor protection proceedings.

Of the 1,472,211 shares distributed or allocated on August 8 and 9, 9,497 shares originated from the Chapter 11 disputed claim share reserve. These shares had been definitively allocated under that plan of reorganization to certain unsecured current and former employee creditors in Canada, but their distribution was deferred for administrative convenience.

In this current report, when we refer to “creditor protection proceedings,” we mean the proceedings under Chapter 11 of the United States Bankruptcy Code, as amended (or “Chapter 11”), and the Companies’ Creditors Arrangement Act (Canada), as applicable (or “CCAA”), from which AbitibiBowater Inc. (the Company’s predecessor entity) and all but one of its debtor affiliates successfully emerged on December 9, 2010. We refer to the Chapter 11 debtors’ Second Amended Joint Plan of Reorganization under Chapter 11 of the Bankruptcy Code and the CCAA debtors’ CCAA Plan of Reorganization and Compromise, in each case as amended and including all exhibits and supplements thereto, together as the “plans of reorganization”, and individually as the “Chapter 11 plan of reorganization” and the “CCAA plan of reorganization”, respectively. When we refer to “disputed claim share reserve,” we mean the reserve of 23,382,073 shares established under the plans of reorganization for claims that remained in dispute as of the emergence date, from which there have been interim distributions to unsecured creditors as disputed claims were resolved.

 

2


Summary of Distribution by Debtor

 

CCAA affected unsecured creditor class

   Value of allowed claims
receiving share
distributions as of
Aug. 8, 2013
($1,000 CAD)
     Cumulative shares
distributed or
allocated to
creditors as of
Aug. 8, 2013
     Total shares
available for
distribution
under the plan
     Number of
shares per
$1,000 of
allowed claim
 

ACI Affected Unsecured Creditor Class

     3,496,262         4,385,441         4,385,441         1.254323   

ACCC Affected Unsecured Creditor Class

     3,564,364         20,436,088         20,436,088         5.733446   

Saguenay Forest Products Affected Unsecured Creditor Class

     8,071         5,947         5,947         0.736836   

BCFPI Affected Unsecured Creditor Class

     427,753         6,693,944         6,693,944         15.649087   

AbitibiBowater Canada Affected Unsecured Creditor Class

     —           2         2         0.000000   

Bowater Maritimes Affected Unsecured Creditor Class

     2,857         44,806         44,806         15.682884   

ACNSI Affected Unsecured Creditor Class

     —           46,882         46,882         0.000000   

Office Products Affected Unsecured Creditor Class

     431         1,955         1,955         4.535963   

Recycling Affected Unsecured Creditor Class

     196         277         277         1.413265   
  

 

 

    

 

 

    

 

 

    
     7,499,934         31,615,342         31,615,342      

This table does not include:

 

   

the allowed amounts of the claims in respect of the 15.5% notes due July 15, 2010, issued by Abitibi Consolidated Company of Canada, or the “exchange notes”, in respect of which the Company previously distributed 7,783,894 shares of common stock under the Chapter 11 plan of reorganization and 4,439,680 shares of common stock under the CCAA plan of reorganization;

 

   

the allowed amounts of disputed claims relating to certain pre-petition supplemental executive retirement plans, for which the Company reserved an additional 1,051,772 shares of common stock under the Chapter 11 plan of reorganization and 225,853 shares of common stock under the CCAA plan of reorganization; nor

 

   

233,714 shares allocated and previously distributed to the estate trustee of Bowater Canada Finance Corporation as a result of that entity’s exclusion from the plans of reorganization and subsequent assignment for the benefit of its creditors under the Bankruptcy and Insolvency Act (Canada).

 

3


Summary of Distribution by Public Bond

 

Shares of RFP

common stock

(CUSIP 76117 W 109)

 
Issue description    Cusip    Trustee or TA    
 
Aggregate principal
amount
  
  
    
 
 
Cumulative shares
distributed as of
Aug. 8, 2013
  
  
  
   
 

 

Stock per
$1,000 of

principal

 
  

  

 

  

 

  

 

 

 

 

    

 

 

   

 

 

 

7.4% Debentures due 2018

   003924AB3    Computershare

(Montreal)

    100,000,000         882,887        8.828870   

7.5% Debentures due 2028

   003924AC1    Computershare

(Montreal)

    250,000,000         2,208,372        8.833488   

10.50% Senior Notes (Series B)

   102214AB9    Computershare

(Montreal)

    20,400,000         401,382        19.675588   

6.0% Notes due 2013

   003669AC2    Deutsche Bank     350,000,000         3,028,352        8.652434   

7.75% Notes due 2011

   003669AF5    Deutsche Bank     200,000,000         1,741,968        8.709840   

Floating Rate Notes due 2011

   003669AG3    Deutsche Bank     200,000,000         1,727,983        8.639915   

8.375% Senior Notes due 2015

   003669AJ7    Deutsche Bank     450,000,000         3,993,263        8.873918   

7.875% Senior Notes

   003672AA0    Deutsche Bank     7,842,000         332,272        42.370824   

8.5% Senior Unsecured Note due 2029

   003924AD9    Deutsche Bank     250,000,000         2,159,808        8.639232   

8.55% Senior Unsecured Note due 2010

   003924AG2    Deutsche Bank     395,000,000         3,412,850        8.640127   

8.85% Senior Unsecured Note due 2030

   003924AH0    Deutsche Bank     450,000,000         3,890,477        8.645504   

9.0% Debentures

   102183AC4    HSBC     248,092,000         4,628,513     18.656438   

9.375% Debentures

   102183AEO    HSBC     200,000,000         3,766,498     18.832490   

9.50% Debentures

   102183AG5    HSBC     125,000,000         2,397,049     19.176392   

6.50 % Notes

   102183AK6    HSBC     400,000,000         7,473,158     18.682895   

Floating Rate Notes (2010)

   102183AL4    HSBC     234,420,000         4,309,288     18.382766   

7.75% Revenue Bonds

   56041HAA3    HSBC     62,000,000         1,139,093     18.372468   

7.625% Revenue Bonds

   582359AC9    HSBC     30,000,000         553,847     18.461567   

7.40 % Revenue Bonds (2022)

   582361AA9    HSBC     39,500,000         743,450     18.821519   

7.40 % Revenue Bonds (2010)

   986476AR0    HSBC     3,250,000         60,786     18.703385   

8.0% Convertible Notes

   003687AA8    Law Debenture     387,304,167         7,231,732     18.671971   

15.5% Senior Notes

   003669AK4    Wilmington     292,969,000         12,223,574     41.723097   

10.85% Debentures

   05356KAB0    Computershare     CAD 125,000,000         2,036,048        16.288384   

7.95 % Notes

   102175AB2    Wilmington Trust     600,000,000         11,351,978     18.919963   

 

* Final distribution made on May 22, 2013.

The table above shows each issuance for which the debtors have made a distribution under the plans of reorganization, and the cumulative total thereof after giving effect to the August 8 and 9 distribution, which included only distributions on account of the CCAA plan of reorganization. For more information on distributions relating to Chapter 11 debtors, see the current report on Form 8-K filed with the SEC as of May 22, 2013.

 

4


Concerning the 7.95% notes issued by Bowater Canada Finance Corporation (CUSIP 102175AB2), this table reflects only distributions on account of the guaranty claim against the estate of Resolute US FP Inc. (f/k/a Bowater Incorporated). The table does not reflect any distribution on account of the claim filed against Bowater Incorporated by the estate trustee of Bowater Canada Finance Corporation under section 135 of the Companies Act (Nova Scotia) (the “wind-up claim”). For more information, see the current report on Form 8-K filed with the SEC as of November 7, 2012.

The information contained in this current report is furnished pursuant to Item 7.01 of Form 8-K and shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section. The information in this report shall not be incorporated by reference into any registration statement or any other document filed pursuant to the Securities Act of 1933, as amended, except as otherwise expressly stated in such filing. By filing this report and furnishing the information contained herein the Company makes no admission as to the materiality of any such information.

 

5


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

    RESOLUTE FOREST PRODUCTS INC.
Date: August 14, 2013     By:   /s/ Jacques P. Vachon
      Name:   Jacques P. Vachon
      Title:  

Senior Vice President and Chief

    Legal Officer

 

6