LAWSUITS NEWS & LEGAL INFORMATION
Marcal Paper Mills, Inc.
Elmwood Park, NJ: (Jul-26-07) The US Environmental Protection Agency (EPA), the Department of the Interior (DOI), and the Department of Commerce (DOC) brought charges against Marcal Paper Mills, Inc., one of the nation's best known manufacturers and distributors of bath tissue, kitchen towels, napkins, and facial tissue, alleging that the company violated federal norms, causing environmental damage.
In a settlement reached, Marcal Paper has agreed to a settlement of the claim at $3 million. This settlement will be classified as an unsecured pre-petition claim, subject to the terms of the Plan of Reorganization already developed by the company with the support of its major creditors. The hearing on the adequacy of the company's disclosure statement, which explains the details of the company's proposed Plan of Reorganization, is scheduled by the Bankruptcy Court for July 27, 2007. Though the company did not admit to any wrongdoing, it agreed to the settlement to avoid the costs of protracted litigation. Company officials stated that this was a positive step to reinforce Marcal's reputation as an environmentally responsible company as well as help with its emergence from Chapter 11 bankruptcy. [PR NEWSWIRE: PAPER DAMAGES]
Published on Jul-28-07
In a settlement reached, Marcal Paper has agreed to a settlement of the claim at $3 million. This settlement will be classified as an unsecured pre-petition claim, subject to the terms of the Plan of Reorganization already developed by the company with the support of its major creditors. The hearing on the adequacy of the company's disclosure statement, which explains the details of the company's proposed Plan of Reorganization, is scheduled by the Bankruptcy Court for July 27, 2007. Though the company did not admit to any wrongdoing, it agreed to the settlement to avoid the costs of protracted litigation. Company officials stated that this was a positive step to reinforce Marcal's reputation as an environmentally responsible company as well as help with its emergence from Chapter 11 bankruptcy. [PR NEWSWIRE: PAPER DAMAGES]
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