Mercer International takes next step in recapitalization and balance sheet restructuring
MERC•Mercer International commenced voluntary prepackaged Chapter 11 cases and filed a reorganization plan. The company expects to reduce senior note debt by 88%, eliminate $100 million in annual cash interest and raise $400 million in new capital through a fully backstopped rights offering.
1. Restructuring plan
Mercer International commenced voluntary prepackaged Chapter 11 cases and filed a plan of reorganization as part of its recapitalization. It expects to reduce senior note debt by 88%, eliminate $100 million in annual cash interest and bring in $400 million of new capital through a fully backstopped rights offering; its operating subsidiaries are not parties to the cases.
