0001193125-12-455272.txt : 20121107 0001193125-12-455272.hdr.sgml : 20121107 20121106210057 ACCESSION NUMBER: 0001193125-12-455272 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20121106 ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20121107 DATE AS OF CHANGE: 20121106 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Resolute Forest Products Inc. CENTRAL INDEX KEY: 0001393066 STANDARD INDUSTRIAL CLASSIFICATION: PAPER MILLS [2621] IRS NUMBER: 980526415 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-33776 FILM NUMBER: 121184603 BUSINESS ADDRESS: STREET 1: 111 DUKE STREET STREET 2: SUITE 5000 CITY: MONTREAL STATE: A8 ZIP: H3C 2MI BUSINESS PHONE: 514-875-2515 MAIL ADDRESS: STREET 1: 111 DUKE STREET STREET 2: SUITE 5000 CITY: MONTREAL STATE: A8 ZIP: H3C 2MI FORMER COMPANY: FORMER CONFORMED NAME: AbitibiBowater Inc. DATE OF NAME CHANGE: 20070313 8-K 1 d435409d8k.htm FORM 8-K Form 8-K

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): November 6, 2012

 

 

RESOLUTE FOREST PRODUCTS INC.

(Exact Name of Registrant as Specified in Charter)

 

 

 

Delaware   001-33776   98-0526415

(State or Other Jurisdiction of

Incorporation or Organization)

 

(Commission

File Number)

 

(I.R.S. Employer

Identification Number)

Resolute Forest Products Inc.

111 Duke Street, Suite 5000

Montreal, Quebec, Canada

  H3C 2M1
(Address of principal executive offices)   (Zip Code)

(514) 875-2160

(Registrant’s telephone number, including area code)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 


Item 7.01 Regulation FD Disclosure

On November 6, 2012, Resolute Forest Products Inc. (formerly AbitibiBowater Inc., the “Company”) distributed 14,758,828 shares of its common stock from disputed claim share reserve established in connection with the Company’s and its debtor affiliates’ December 2010 emergence from the creditor protection proceedings. The Company distributed shares in two steps:

 

   

an aggregate of 4,558,268 shares to the bankruptcy trustee of the estate of Bowater Canada Finance Corporation, pursuant to the previously disclosed September 21, 2012, settlement agreement concerning certain claims related to the 7.95% notes due November 15, 2011, issued by Bowater Canada Finance Corporation; and

 

   

an aggregate of 10,200,560 shares in an interim distribution to the holders of allowed and accepted unsecured creditor claims entitled to additional distributions under the plans of reorganization, as of the applicable distribution record dates under the plans of reorganization.

Following this distribution, there remain approximately $271 million of disputed unsecured claims under the plans of reorganization, on account of which 4,015,994 shares remain in the disputed claim share reserve. In accordance with the terms of the plans of reorganization, further supplemental interim distributions of the shares held in reserve will be made by the Company to unsecured creditors as claims are resolved.

Distributions from the disputed claim share reserve are not dilutive, as the shares in the reserve have been deemed outstanding since emergence.

In this current report, when we refer to “creditor protection proceedings,” we mean the proceedings under Chapter 11 of the United States Bankruptcy Code, as amended, and the Companies’ Creditors Arrangement Act (Canada), as applicable, from which AbitibiBowater Inc. and all but one of its debtor affiliates successfully emerged on December 9, 2010. When we refer to “disputed claim share reserve,” or the “reserve,” we mean the reserve of 23,382,073 shares established under the plans of reorganization for claims that remained in dispute as of the emergence date, from which there have been interim distributions to unsecured creditors as disputed claims were resolved.

 

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Summary of Upcoming Distribution by Debtor

 

Chapter 11 Debtor

   Value of Allowed
Claims Receiving
Distribution

as of Nov. 6, 2012
($000)
     Shares in Reserve
as of Nov. 6, 2012
     Shares Distributed
as of Nov. 6, 2012
     Total Shares Available
for Distribution
     Number of Shares per
$1,000 of Allowed
Claim as of
Nov. 6, 2012
 

AbitibiBowater Inc.

   $ 393,986         237         141,062         141,299         0.358038   

Abitibi-Consolidated Corporation

     42,835         19,830         169,597         189,427         3.959286   

Abitibi-Consolidated Finance LP

     7,979         —           264,827         264,827         33.191033   

Abitibi Consolidated Sales Corporation

     29,563         15,561         576,734         592,295         19.508488   

Alabama River Newsprint Company

     2,194         208         513         721         0.233772   

Augusta Woodlands, LLC

     —           26         —           26         N/A   

Bowater Alabama LLC

     13,139         21,006         239,985         260,991         18.264506   

Bowater America Inc.

     4,353         246,289         51,201         297,490         11.762645   

Bowater Incorporated

     2,742,910         1,632,068         48,328,264         49,960,332         17.619338   

Bowater Newsprint South LLC

     21         —           141         141         6.619386   

Bowater Newsprint South Operations LLC

     7,291         3,299         52,096         55,395         7.145643   

Bowater Nuway Inc.

     52         706         1,301         2,007         24.949746   

Bowater Nuway Mid-States Inc.

     190         11         3,963         3,974         20.828922   

Coosa Pines Golf Club Holdings LLC

     —           1,521         —           1,521         N/A   

Donohue Corp.

     91         10,530         3,657         14,187         39.989026   

Lake Superior Forest Products Inc.

     —           67         —           67         N/A   
  

 

 

    

 

 

    

 

 

    

 

 

    
   $ 3,244,606         1,951,358         49,833,341         51,784,699      

CCAA affected unsecured creditor class

   Value of allowed
claims receiving
distributions

as of Nov. 6, 2012
($1,000 CAD)
     Remaining
Reserve Shares
as of Nov. 6, 2012
     Cumulative shares
distributed as of
Nov. 6, 2012
     Total shares available
for distribution under
the plan
     Number of shares per
$1,000 of allowed
claim as of
Nov. 6, 2012
 

ACI Affected Unsecured Creditor Class

   $ 3,494,576         63,917         4,321,524         4,385,441         1.236638   

ACCC Affected Unsecured Creditor Class

     3,558,869         481,804         19,954,284         20,436,088         5.606918   

Saguenay Forest Products Affected Unsecured Creditor Class

     7,723         256         5,691         5,947         0.736870   

BCFPI Affected Unsecured Creditor Class

     415,536         827,901         5,866,043         6,693,944         14.116824   

AbitibiBowater Canada Affected Unsecured Creditor Class

     —           2         —           2         N/A   

Bowater Maritimes Affected Unsecured Creditor Class

     2,432         38,704         6,102         44,806         2.508730   

ACNSI Affected Unsecured Creditor Class

     —           46,882         —           46,882         N/A   

Office Products Affected Unsecured Creditor Class

     431         —           1,955         1,955         4.538396   

Recycling Affected Unsecured Creditor Class

     196         —           277         277         1.412454   
  

 

 

    

 

 

    

 

 

    

 

 

    
   $ 7,479,763         1,459,466         30,155,876         31,615,342      

These tables do not include:

 

   

the allowed amounts of the claims in respect of the 15.5% notes due July 15, 2010 issued by Abitibi Consolidated Company of Canada, or the “exchange notes”, in respect of which the Company previously distributed 7,783,894 shares of common stock under the chapter 11 plan of reorganization and 4,439,680 shares of common stock under the CCAA plan of reorganization;

 

   

the allowed amounts of claims relating to certain pre-petition supplemental executive retirement plans, for which the Company reserved an additional 1,051,772 shares of common stock under the chapter 11 plan of reorganization and 225,853 shares of common stock under the CCAA plan of reorganization; and

 

   

233,714 shares allocated and previously distributed to the estate trustee of Bowater Canada Finance Corporation as a result of that entity’s exclusion from the plans of reorganization and subsequent assignment for the benefit of its creditors under the Bankruptcy and Insolvency Act (Canada).

 

3


Summary of Upcoming Distribution by Public Bond

 

   

Shares of RFP

common stock

(CUSIP 76117 W 109)

Issue description

 

Cusip

  

Trustee or TA

 

Aggregate principal
amount

 

Cumulative shares
distributed as of
Nov. 6, 2012

  

Stock per
$1,000 of
    principal    

7.4% Debentures due 2018

  003924AB3   

Computershare

(Montreal)

  100,000,000   864,707    8.647070

7.5% Debentures due 2028

  003924AC1   

Computershare

(Montreal)

  250,000,000   2,162,899    8.651596

10.50% Senior Notes (Series B)

  102214AB9   

Computershare

(Montreal)

  20,400,000   362,129    17.751422

6.0% Notes due 2013

  003669AC2    Deutsche Bank   350,000,000   2,965,994    8.474269

7.75% Notes due 2011

  003669AF5    Deutsche Bank   200,000,000   1,706,099    8.530495

Floating Rate Notes due 2011

  003669AG3    Deutsche Bank   200,000,000   1,692,402    8.462010

8.375% Senior Notes due 2015

  003669AJ7    Deutsche Bank   450,000,000   3,911,038    8.691196

7.875% Senior Notes

  003672AA0    Deutsche Bank   7,842,000   330,879    42.193191

8.5% Senior Unsecured Note due 2029

  003924AD9    Deutsche Bank   250,000,000   2,115,335    8.461340

8.55% Senior Unsecured Note due 2010

  003924AG2    Deutsche Bank   395,000,000   3,342,576    8.462218

8.85% Senior Unsecured Note due 2030

  003924AH0    Deutsche Bank   450,000,000   3,810,366    8.467480

9.0% Debentures

  102183AC4    HSBC   248,092,000   4,457,377    17.966629

9.375% Debentures

  102183AEO    HSBC   200,000,000   3,627,225    18.136125

9.50% Debentures

  102183AG5    HSBC   125,000,000   2,308,414    18.467312

6.50 % Notes

  102183AK6    HSBC   400,000,000   7,196,825    17.992063

Floating Rate Notes (2010)

  102183AL4    HSBC   234,420,000   4,149,945    17.703033

7.75% Revenue Bonds

  56041HAA3    HSBC   62,000,000   1,096,973    17.693113

7.625% Revenue Bonds

  582359AC9    HSBC   30,000,000   533,372    17.779067

7.40 % Revenue Bonds (2022)

  582361AA9    HSBC   39,500,000   715,960    18.125570

7.40 % Revenue Bonds (2010)

  986476AR0    HSBC   3,250,000   58,541    18.012615

8.0% Convertible Notes

  003687AA8    Law Debenture   387,304,167   6,969,334    17.994472

15.5% Senior Notes

  003669AK4    Wilmington   292,969,000   12,223,574    41.723097

10.85% Debentures

  05356KAB0    Computershare   CAD 125,000,000   1,836,932    14.695456

7.95 % Notes

  102175AB2    Wilmington Trust   600,000,000   10,932,219    18.220365

Concerning the 7.95% notes issued by Bowater Canada Finance Corporation (CUSIP 102175AB2), this table reflects only distributions on account of the claim against Resolute US FP Inc. (f/k/a Bowater Incorporated, or “Bowater”) under its guarantee of those notes (the “guarantee claim”). The table does not reflect any distribution on account of the claim filed against Bowater by the bankruptcy trustee of the estate of Bowater Canada Finance Corporation under section 135 of the Companies Act (Nova Scotia) (the “wind-up claim”). The 4,558,268 shares distributed to the bankruptcy trustee of the estate of Bowater Canada Finance Corporation, as described above, are in respect of the wind-up claim.

 

4


The information contained in this current report is furnished pursuant to Item 7.01 of Form 8–K and shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section. The information in this report shall not be incorporated by reference into any registration statement or any other document filed pursuant to the Securities Act of 1933, as amended, except as otherwise expressly stated in such filing. By filing this report and furnishing the information contained herein the Company makes no admission as to the materiality of any such information.

 

5


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

    RESOLUTE FOREST PRODUCTS INC.
Date: November 6, 2012     By:   /s/ Jacques P. Vachon
    Name:   Jacques P. Vachon
    Title:   Senior Vice President and Chief Legal Officer

 

 

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