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Other Events
3 Months Ended
Mar. 31, 2013
Other Events  
Other Events

Note 13.                          Other Events

 

On March 21, 2013, we announced that we signed a non-binding letter of intent to sell our specialty papers business to a new company to be formed and controlled by investment funds sponsored by KPS Capital Partners.  The initial cash purchase price is approximately $130 million, subject to confirmatory due diligence and adjustments for the final treatment of certain transaction related liabilities and customary post closing adjustments.  The ultimate transaction is subject to acceptable confirmatory due diligence, ratification of new collective bargaining agreements, required regulatory clearances, final negotiation, and Board of Directors approval of the definitive agreements, and certain other customary contingencies to closing, including third party financing.  While we anticipate finalization of the transaction in the second quarter of 2013, there can be no certainty or assurance about the timing, specific elements, or completion of a transaction.