White Birch Paper's D corporate credit rating withdrawn by S&P at company's request
September 9, 2011
– Standard & Poor's Ratings Services said today it withdrew its 'D' corporate credit rating on U.S.-based White Birch Paper Co. at the company's request.
White Birch filed for protection under Chapter 11 in the U.S. Bankruptcy Court and under the Companies' Creditors Arrangement Act in Canada on Feb. 24, 2010. White Birch continues to be in negotiations related to the closing of the sale of its assets to Black Diamond Capital Management, according to court filings in the company's Chapter 11 proceedings. White Birch is the second-largest newsprint producer in North America behind AbitibiBowater Inc. (B+/Stable/--), which emerged from bankruptcy protection in December 2010.
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