On May 21, 2015, the United States Bankruptcy Court for the Eastern District of Virginia (the “Bankruptcy Court”) entered the Findings of Fact, Conclusions of Law and Order Confirming the First Amended Plan of Liquidation Under Chapter 11 of the Bankruptcy Code (Docket No. 1805) confirming the First Amended Plan of Liquidation Under Chapter 11 of the Bankruptcy Code (Docket No. 1677).
Please click on the Plan of Reorganization, Disclosure Statement and Solicitation Documents tab at the left to review related documents.
On February 24, 2010, Bear Island Paper Company, L.L.C. (the "Debtor") filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Eastern District of Virginia (the "Bankruptcy Court").
On the same day that the Debtor commenced its Chapter 11 case, ten of the Debtor's Canadian affiliates (together with the Debtor, the "WB Group") commenced restructurings under Canada's Companies' Creditors Arrangement Act (the "CCAA"). Certain of these Canadian affiliates also filed petitions under Chapter 15 in the Bankruptcy Court to recognize the CCAA proceeding as a "foreign main proceeding." On March 26, 2010, the Bankruptcy Court entered an order (the "Recognition Order") recognizing the CCAA proceeding as a "foreign main proceeding", granting the Canadian affiliates the protections of section 361 and 362 of the Bankruptcy Code, and enjoining any action(s) against their U.S. assets. Further information about the Chapter 15 cases, including a copy of the Recognition Order is available by clicking here.
On March 3, 2010, in the Chapter 11 case, the Office of the United States Trustee appointed an Official Committee of Unsecured Creditors, which was reconstituted on April 6, 2010. The United States Trustee subsequently held a meeting of creditors on April 7, 2010, pursuant to section 341 of the Bankruptcy Code. On March 31, 2010, the Debtor filed its Schedules of Assets and Liabilities and Statements of Financial Affairs, which are available by clicking here.
On March 31, 2010, the Bankruptcy Court entered an order approving the Debtor's postpetition financing the ("DIP Financing") on a final basis. The DIP Facility contains milestones which establish a timeline by which the WB Group must pursue and implement one of two restructuring alternatives: (i) confirmation of a standalone plan of reorganization under chapter 11 of the Bankruptcy Code and plan of arrangement under the CCAA, or (ii) sale of all or substantially all of the WB Group's assets. With the goal of advancing the WB Group's restructuring efforts as expeditiously as possible and maximizing the value of the estates, the two alternatives are being pursued simultaneously. To that end, on April 16, 2010, the Debtors filed a motion to approve a sales and investor solicitation process ("SISP") whereby the WB Group will seek to sell all or substantially all of its assets. On April 28, 2010, the Bankruptcy Court approved the SISP and procedures related thereto. A copy of the SISP procedures is available by clicking here. On November 3, 2010, the Court entered the Order (A) Authorizing And Approving The Sale Of Assets Free And Clear Of All Liens, Claims, Encumbrances And Other Interests, (B) Approving The Assumption And Assignment Of The Assigned Contracts And (C) Granting Related Relief (Docket No. 582).
Please continue to visit this website from time to time for updates on the Debtor's Chapter 11 case and the related Chapter 15 cases.