Smart Paper files plan to Emerge from Chapter 11

The Smart Paper Company announced it would file a plan to emerge from Chapter 11. The company, which produces grades such as Kromekote, Benefit, and Carnival, sold controlling interest to Plainfield Capital – a hedge fund. The secured creditors will be issued $5million; unsecured creditors will be issued shares in the new company; and, International Paper (former mill owner) will be issued $1.6million in cash. The mill, located in Hamilton, Ohio produces 93,000tons per year. Paper.com distributes all of the Smart Paper grades.