Bear Island Paper Company Announces Amended Senior Credit Agreement.Business Editors GREENWICH, Conn.--(BUSINESS WIRE)--Dec. 13, 2002 Bear Island Paper Company, L.L.C.(the "Company"), a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Brant-Allen Industries, Inc., today announced that it has amended its Senior Credit Agreement to allow the Company to more easily meet future financial covenant testing. In addition, the lenders waived past financial covenant violations allowing for a resumption of borrowing under the Company's existing Revolving Credit Revolving Credit A line of credit where the customer pays a commitment fee and is then allowed to use the funds when they are needed. It is usually used for operating purposes, fluctuating each month depending on the customers current cash flow needs. Facility. In connection with the Amendment, Brant-Allen Industries has agreed to make an additional $ 10 million of funding available to Bear Island. This brings Brant-Allen's total commitments of funding to Bear Island to $ 15 million during calendar year 2002. Bear Island Paper Company L.L.C. is a producer of high quality newsprint newsprint low grade paper used for newspapers. Old newspapers are fed to cattle as an alternative roughage and may occasionally be ingested by dogs. Significant amounts of lead are accumulated in tissues; no cases of poisoning have been recorded in cattle, though it has been suitable for four-color printing whose customers include leading newspaper publishers in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion