加拿大浆纸生产商 Mercer International Inc. 计划申请第 11 章破产保护，作为重组的一部分，这将大幅削减其债务并引入 4 亿美元新资金。
Canadian pulp producer Mercer International Inc. plans to file for Chapter 11 bankruptcy as part of a restructuring that would slash its debt and bring in $400 million of new money.
该公司周一表示，已与持有其 87% 以上高级票据的持有人以及大多数股东达成协议，根据声明，该交易将以股权置换约 11 亿美元高级票据，使该部分债务减少约 88%。公司计划在得克萨斯州申请预先安排的第 11 章破产。
The company said Monday it has entered an agreement with holders of more than 87% of its senior notes and a majority of its shareholders, according to a statement. The deal would exchange about $1.1 billion of senior notes for equity, reducing that debt by about 88%. It plans to file a prepackaged Chapter 11 in Texas.
新资金将通过 4 亿美元的权益发行筹集。根据声明，一个临时票据持有人小组的某些成员已全额包销该发行。
The new money will come through a $400 million rights offering. Certain members of an ad hoc group of noteholders have fully backstopped the offering, according to the statement.
现有股东将获得重组后公司 8.5% 的新普通股和 3.5% 的新可转换优先股。重组生效时，现有股份将被注销。
Existing shareholders will receive 8.5% of the reorganized company’s new common stock and 3.5% of its new convertible preferred stock. Existing shares will be canceled when the restructuring becomes effective.
由于纤维和能源成本上升以及持续的现金消耗，Mercer 一直在与债权人谈判以解决日益枯竭的现金储备问题。该浆厂运营商在第二季度财报中提到，关税压力因乌克兰和中东的地缘政治冲突而加剧。
Mercer, which has been struggling with rising fiber, energy costs and persistent cash burn, had been in negotiations with creditors to address its thinning cash reserves. The pulp mill operator cited tariff pressures, exacerbated by geopolitical conflicts in Ukraine and the Middle East, in its second-quarter earnings.
此次重组解决了 13 亿美元的高级票据问题，此前公司错过了 10 月 1 日 2028 年到期票据的利息支付。公司最近将该笔付款的宽限期从 30 天延长至 90 天。它还面临 2027 年 1 月加拿大循环信贷融资到期的问题，但警告称，如果没有替代融资或再融资，不太可能产生足够的现金流来偿还该笔债务。
The restructuring addresses $1.3 billion of senior notes after it skipped an Oct. 1 interest payment on notes due 2028. The company recently extended the grace period on that payment to 90 days from 30 days. It also faces a January 2027 maturity on its Canadian revolving credit facility, but warned it was unlikely to generate enough cash flow to settle that without alternative funding or a refinancing.
彭博社此前报道，Redwood Capital Management 一直在收购 Mercer 的困境债务，成为其最大债权人之一，并成为债券持有人多数派群体的一部分。
Redwood Capital Management had been acquiring Mercer’s distressed debt, becoming one of its largest creditors and part of a majority group of bondholders, Bloomberg previously reported.
过去一年 Mercer 股价下跌逾 90%，周一收盘报 13 美分。
Mercer’s shares have fallen more than 90% over the last year and closed Monday at 13 cents.