Chapter 11 a possibility for NewPage Lewiston Sun Journal
RUMFORD — Local officials are expressing concern about the NewPage paper company's announcement this week that it may be forced to file for Chapter 11 protection if it can't refinance its debt or generate sufficient cash flow.
The company is North America's largest manufacturer of coated paper and employs about 750 people at its Rumford mill, and pays 46 percent of the property taxes in town.
Ron Hemingway, recording secretary for Local 900 of the United Steelworkers, said a corporate spokesperson told the union about a month ago that a Chapter 11 filing was a possibility.
“That is no surprise to us. We heard it might happen,” he said Tuesday afternoon from a United Steelworkers convention in Las Vegas.
“We're all very concerned but powerless to do anything about it,” he said.
“They are looking to find cheaper financing. We just hope for the best,” Hemingway said.
Rumford Town Manager Carlo Puiia said Tuesday that he has tried to contact mill management to discuss the financial situation but has so far been unsuccessful.
Mortgage Purchase Applications at Highest Level Since August
(November 23, 2011) Purchase applications increased to their highest levels since August while refinance applications were at their lowest level since the end of July according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending November 18, 2011.
The Market Composite Index, a measure of mortgage loan application volume which includes purchase applications and refinance applications, decreased a seasonally adjusted 1.2 percent from the previous week.
On an unadjusted basis, the Index increased 8.6 percent from the previous week. The four week moving average for the seasonally adjusted Market Index is down 0.42 percent.
Read the whole story at LoanRateUpdate.com.
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Michigan Home Loans - Bankruptcy, Short Sale or Foreclosure
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