Mercer International Expects to File for Bankruptcy
Dow Jones
Yesterday
Mercer International expects to file for bankruptcy and plans to continue normal operations.
"With the support of the majority of our noteholders and shareholders, we are putting in place a much stronger balance sheet and the liquidity to navigate current pulp and lumber market and geopolitical conditions," Mercer said.
Mercer said about $1.1 billion of senior notes would be exchanged for equity, reducing existing senior note debt by about 88%.
Existing shareholders would receive about 8.5% of the new common stock and 3.5% of the new convertible preferred stock of the reorganized company.
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