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The company's plans for uninterrupted operation rest on a Debtor in Possession (DIP) loan from J.P. Morgan for up to $600 million. Bloomberg reports J.P. Morgan plans to meet with lenders tomorrow to discuss the proposal, which involves a $250 million term loan and a $350 million revolving loan.
NewPage also revealed yesterday its intention to continue a "hot idle" shutdown at its Port Hawkesbury pulp and paper mill in Canada while it seeks a buyer for the facility. The company hopes to sell the mill by November.
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