Neenah, Inc. announced that Julie A. Schertell has been named Chief Operating Officer (COO), reporting to John O'Donnell, Chief Executive Officer, effective January 1. Ms. Schertell joined Neenah in 2008 and is currently Senior Vice President and President of Technical Products. Previous positions Ms. Schertell has held in Neenah have included President – Fine Paper & Packaging, and Vice-President- Fine Paper Sales, Marketing and Supply Chain. Prior to joining Neenah, Ms. Schertell worked at Georgia-Pacific Corporation, starting her career at a manufacturing facility, and holding subsequent business leadership positions in Finance, Supply Chain, and Sales and Marketing. In her new role Ms. Schertell will have direct overall responsibility for both Neenah's Technical Products and Fine Paper and Packaging businesses.
Fortress Paper Ltd. (“Fortress Paper” or the “Company”) (TSX:FTP) is pleased to announce that it has repaid in full the unsecured convertible debenture (the “Debenture”) in the aggregate principal amount of $25,000,000 issued by the Company in favour of Fonds de solidarité FTQ (“FSTQ”). The Debenture had an interest rate of 7% per annum and was set to mature on June 20, 2017. Pursuant to a debenture amendment agreement entered into by Fortress Paper and FSTQ, the Company was granted the right to repay the principal amount owing under the Debenture prior to maturity, together with all interest accrued to the date of repayment, without any prepayment penalty. Fortress used funds from the previously announced secured loan with IAM Infrastructure Private Debt Fund LP, which loan has been disbursed in full, to repay the Debenture.
Yvon Pelletier, Chief Executive Officer of Fortress Paper, commented, “We are pleased to be able to work with FSTQ to repay the Debenture prior to maturity which provides FSTQ with immediate liquidity while at the same time allowing us to efficiently deploy our cash resources. We would like to acknowledge our mutually beneficial working relationship with FSTQ over the years and look forward to the opportunity to work together in the future.”