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(USA) The hits keep on coming for the beleaguered and overleveraged paper industry. On Feb. 18 it was International Paper's (IP) CEO, John Faraci, delivering the bad news, suggesting his company might soon cut its $1 a share dividend... read more »
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(USA) Xerium Technologies a leading global manufacturer of clothing and roll covers used primarily in the paper production process, has announced that Stephen R. Light, President, Chief Executive Officer and Chairman, will ring... read more »
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(Canada) Marathon Pulp has announced that it has filed a notice of intention to make a proposal under the Bankruptcy and Insolvency Act (Canada). The filing by Marathon results primarily from the significant recent weakness in global pulp... read more »
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(USA) Fitch Ratings has downgraded the Issuer Default Ratings (IDR) of AbitibiBowater Inc., Abitibi-Consolidated Inc., Bowater Inc. (Bowater) and Bowater Canadian Forest Products Inc. (BCFPI) to 'C' and other affiliated debt ratings... read more »
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(Canada) Tembec has advised that, as a result of the filing of a notice of intention to make a proposal under the Bankruptcy and Insolvency Act (Canada) by Marathon Pulp Inc., a joint venture in which it holds a 50% interest, Tembec Inc. will immediately... read more »
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(Ireland) Irish paper packaging maker Smurfit Kappa posted a 29 percent drop in fourth-quarter core profits and said it would cut costs and buy back debt in the face of the difficult operating conditions.... read more »
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(USA) Forestweb replaces Smurfit-Stone with Clearwater Paper on its U.S. Forest Products Stock Index. Forestweb Inc. has added Clearwater Paper, the pulp, tissue and bleached board producer spun out from Potlatch Corp. in December... read more »
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(Canada) AbitibiBowater announces private exchange offer and consent solicitation with respect to $1.8 billion of debt securities and concurrent private notes offerings... read more »
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(China) The paper manufacturer offers to pay 53 cents to the dollar to buy back the remaining $283.75 million of a bond it issued less than a year ago... read more »
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(Canada) A U.S. hedge fund with a reputation as an activist investor has become the biggest shareholder in AbitibiBowater Inc., putting added pressure on management at the struggling paper giant to find a speedy solution to its financial woes... read more »
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(Spain) Spanish pulp, paper and energy group Ence said it had signed an agreement to refinance 350 million euros ($448.4 million) of debt on Friday. read more »
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(USA) The Board of Directors of Temple-Inland has declared a regular quarterly dividend of $0.10 per common share, payable March 13, 2009, to shareholders of record February 27, 2009... read more »
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(Finland) Stora Enso Oyj (parent company), due to an incorrect classification between restricted and distributable equity upon the cancellation of its own shares in the years 2001-2006, has reclassified EUR 1 512 million from its retained earnings to its share premium account... read more »
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(Australia) A financial analyst predicts falling demand for woodchips will make it even more difficult for Gunns to attract funding for its Tasmanian pulp mill... read more »
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(Canada) The Alberta owner of the Mackenzie pulp mill financed the purchase with a mortgage charging interest at 42 per cent a year, a rate that points to the likelihood of the venture failing, say industry specialists... read more »
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