Sale of the Business and Operations of NewPage Port Hawkesbury Corp.

Halifax, Nova Scotia (ots/PRNewswire) -

On September 9, 2011, NewPage Port Hawkesbury Corp. ("NPPH")
filed for and obtained protection under the Companies' Creditors
Arrangement Act ("CCAA"). Pursuant to an Order of the Court dated
September 9, 2011 (the "Initial Order"), Ernst & Young Inc. ("E&Y")
was appointed as Monitor (the "Monitor") in the CCAA proceedings.
Documents relating to the CCAA proceedings can be obtained from the
Monitor's website at http://www.ey.com/ca/npph.

NPPH operates a paper mill on Cape Breton Island, owns
approximately 50,000 acres of timberland and manages 1.5 million
acres of licensed crown timberland in Nova Scotia. The NPPH mill
consists of one newsprint paper machine and one supercalendered paper
machine with a combined annual production capacity of 545,000 metric
tonnes. Supercalendered paper is a form of enhanced newsprint that is
a value added grade of paper used in catalogues, magazines, inserts
and flyers. Additionally, NPPH's mill operates a thermo-mechanical
pulp operation to provide the bulk of its fibre requirements.

On September 9, 2011, NPPH obtained a court order authorizing
NPPH and the Monitor to implement a sales process ("Sales Process
Order") to sell NPPH's assets and business. Sanabe & Associates LLC
has been retained by NPPH to assist in the sales process. The assets
offered for sale include the property and assets, and any liabilities
required to be assumed in connection with the purchase of the
business of NPPH, (the "Assets").

The sale of the Assets is on an "as is, where is" basis and
without surviving representations and warranties of any kind to the
purchaser. Subject to order of the Court, all rights, title and
interests of NPPH in and to the Assets will be sold free and clear of
all claims. In addition, a sale will be subject to court approval.

The deadline for submission of a non-binding letter of intent
("LOI") is 5:00 pm EST on September 28, 2011. Information which must
be included in the LOI and information on the process for submission
can be found in Schedule "A" of the Sales Process Order which can be
found on the Monitor's website at http://www.ey.com/ca/npph.

For further information:

Any parties who wish to commence due diligence must sign a
Confidentiality Agreement. Parties should contact the Monitor at
jim.d.lutes@ca.ey.com[jim.d.lutes@ca.ey.com ] or (506) 634-2158.

Attention: Mr. Jim Lutes
Ernst & Young Inc.
Monitor for NewPage Port Hawkesbury Corp.
1959 Upper Water Street, 13th Floor
Halifax, N.S. B3J 3N2

ots Originaltext: Ernst & Young Inc
Im Internet recherchierbar: http://www.presseportal.de

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