Questions remain on exact details of Appleton Coated's sale to Industrial Assets Corp. after a marathon six-hours-plus hearing Monday in Outagamie County court. Questions also remain on exactly what its 600-plus employees can expect – or hope for – in the long run. It appears the mill has dodged the bullet of an immediate shutdown and liquidation, but might only operate in a limited capacity for 45 days with a staff of 195, about a third of its workers. Still, that's a victory some are celebrating. “We get a second chance,” said Tom Nelson, Outagamie County executive. Nelson had initially objected to the mill's sale to the liquidator and petitioned for more time for a different buyer to come forward in a joint statement with Combined Locks village president John Neumeier. Click Read More below for more of the story.
Turkey agrees to deal only with Iraq’s central government for all crude that the OPEC nation exports through a Turkish pipeline, the Iraqi prime minister said, days after Iraq’s self-governed Kurds, who ship their own oil via the same network, approved a referendum on independence. The comments suggest the Turks may be reviewing their policy of letting Iraq’s landlocked Kurds export oil independently through the Turkish-controlled pipeline. Crude was flowing normally through the network on Thursday. The Kurds export less than 600,000 barrels a day, according to a tweet by the Kurdistan Regional Government’s Ministry of Natural Resources on Sept. 24. Turkish Prime Minister Binali Yildirim asserted his country’s support for “restricting oil exports to the federal authorities” in Iraq, he said in a phone call with his Iraqi counterpart, Haider Al-Abadi, according to an emailed statement on Thursday from Al-Abadi’s office in Baghdad. Click Read More below for more of the story.
Fortress Paper Ltd. reports that it has completed an assessment of the failure of a pressurized auxiliary gas collection system at the Fortress Specialty Cellulose Mill (the "FSC Mill") in Thurso, Québec that was reported on September 21, 2017. The Company has identified the source of the failure and is in the process of repairing and replacing the damaged components. The Company has dispatched personnel to multiple supplier and repair locations to further attempt to expedite the work to be completed. Based on best effort commitments provided by equipment and parts suppliers, management believes that production at the FSC Mill will be restarted on or prior to October 9, 2017. The Fifth Digester Project continues to advance in the normal course and the cogeneration facility continues to operate at a reduced rate. Click Read More below for additional detail.
Newsquest Media Group announced the acquisition of NWN Media Ltd (NWN), the publisher of 13 local news brands across North and Mid Wales, Cheshire and Shropshire. The NWN Board unanimously accepted the Newsquest offer which will now allow the company to move forward with confidence in a fast-changing media landscape. NWN’s portfolio comprises 12 weekly newspapers and one daily, with associated websites, including the likes of The Leader (Wrexham and Flintshire), the Chester Standard, the Powys County Times, the Denbighshire Free Press, the Whitchurch Herald and the North Wales Chronicle. NWN also operates an extensive contract printing operation. Click Read More below for additional detail.
• Second Quarter Net Income of $170.7 Million or $0.16 Per Diluted Share, Compared to the Prior Year Second Quarter Net Income of $14.8 Million or $0.01 Per Diluted Share • Second Quarter Adjusted Net Loss Per Diluted Share of $0.01, Compared to the Prior Year Second Quarter Adjusted Net Income Per Diluted Share of $0.03 • Adjusted EBITDA of $213.3 Million for the Second Quarter, Compared to the Prior Year Second Quarter Adjusted EBITDA of $312.7 Million. Click Read More below for additional detail.
Norske Skog has today received a recapitalization proposal from a majority of senior unsecured noteholders (the "Unsecured Proposal"), and Norske Skog will for the purpose of information parity publish the Unsecured Proposal. The board of Norske Skogindustrier ASA will review the Unsecured Proposal in an appropriate manner. The approval deadline for Norske Skog's ongoing consent solicitation is set to Friday 29 September at 17.00 CET.
Second Quarter Fiscal 2018 Highlights • Net sales increased 0.4% to $407.6 million; • Company comparable sales increased 1.8%; • E-Commerce sales penetration reached 27%; and • Loss per share (GAAP) of ($0.10); adjusted loss per share (non-GAAP) of ($0.05) compared to loss per share of ($0.05) in the second quarter of fiscal 2017 (see reconciliation below of loss per share to adjusted non-GAAP loss per share). Click Read More below for additional detail.
PaperWorks Industries, Inc., a leading manufacturer of paperboard and specialized folding cartons, announced that C. Anderson "Andy" Bolton has joined the company as president and chief executive officer. Bolton has more than two decades of senior leadership experience with several multinational packaging companies. He brings to PaperWorks a significant track record in finance, sales, strategy, business development and executive management in flexible and rigid packaging. In his prior roles, he has served the needs of many market segments including personal and home care, beverage, medical, pharmaceutical and others. Click Read More below for additional detail.
In the aftermath of Hurricane Harvey, members of the children’s book community—including teachers and literacy activists—have rallied in support of students and educators. A number of authors have also organized efforts to provide books, clothes, and other basic-needs items to children and families affected by the storm. Back in 2012, author Kate Messner launched KidLit Cares, an online talent auction of children’s book art and other items, in response to Hurricane Sandy. The first auction brought in more than $35,000. Messner recently reprised the initiative when she learned of the devastation caused by Harvey. “Like so many people, I watched the news about Hurricane Harvey and its aftermath and was absolutely heartbroken to see so many families in crisis. The scope of that storm was devastating, and it hit vulnerable populations the hardest. I wanted to do something and knew that I wasn’t alone,” she said. Click Read More below for more of the story.
Dentsu Aegis Network announces that Time Inc. has joined its Publisher Addressable Marketplace (PAM), in which premium publishers make their inventory available addressably via the network’s people-based marketing platform, M1. M1 provides direct publisher integrations with the world’s leading publishers, giving clients even greater ability to use their own consumer data to reach their audiences seamlessly, in a premium, brand-safe environment. Time Inc.’s premium, trusted content brands and large scale creates significant first-party data which expands the individual reach of PAM and further strengthens M1 as the largest people-based platform in the US. Time Inc. contributes: ·168 million unduplicated reach (nearly 7 in 10 Americans)* · 106 million mobile unique IDs (1 in 2 US mobile consumers)* · 51 million millennials (nearly 7 in 10 Americans)* Click Read More below for additional detail.