UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): November 6, 2012
RESOLUTE FOREST PRODUCTS INC.
(Exact Name of Registrant as Specified in Charter)
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Delaware | | 001-33776 | | 98-0526415 |
(State or Other Jurisdiction of Incorporation or Organization) | | (Commission File Number) | | (I.R.S. Employer Identification Number) |
| |
Resolute Forest Products Inc. 111 Duke Street, Suite 5000 Montreal, Quebec, Canada | | H3C 2M1 |
(Address of principal executive offices) | | (Zip Code) |
(514) 875-2160
(Registrant’s telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 7.01 | Regulation FD Disclosure |
On November 6, 2012, Resolute Forest Products Inc. (formerly AbitibiBowater Inc., the “Company”) distributed 14,758,828shares of its common stock from disputed claim share reserve established in connection with the Company’s and its debtor affiliates’ December 2010 emergence from the creditor protection proceedings. The Company distributed shares in two steps:
| • | | an aggregate of 4,558,268 shares to the bankruptcy trustee of the estate of Bowater Canada Finance Corporation, pursuant to the previously disclosed September 21, 2012, settlement agreement concerning certain claims related to the 7.95% notes due November 15, 2011, issued by Bowater Canada Finance Corporation; and |
| • | | an aggregate of 10,200,560 shares in an interim distribution to the holders of allowed and accepted unsecured creditor claims entitled to additional distributions under the plans of reorganization, as of the applicable distribution record dates under the plans of reorganization. |
Following this distribution, there remain approximately $271 million of disputed unsecured claims under the plans of reorganization, on account of which4,015,994 shares remain in the disputed claim share reserve. In accordance with the terms of the plans of reorganization, further supplemental interim distributions of the shares held in reserve will be made by the Company to unsecured creditors as claims are resolved.
Distributions from the disputed claim share reserve are not dilutive, as the shares in the reserve have been deemed outstanding since emergence.
In this current report, when we refer to “creditor protection proceedings,” we mean the proceedings under Chapter 11 of the United States Bankruptcy Code, as amended, and theCompanies’ Creditors Arrangement Act (Canada), as applicable, from which AbitibiBowater Inc. and all but one of its debtor affiliates successfully emerged on December 9, 2010. When we refer to “disputed claim share reserve,” or the “reserve,” we mean the reserve of 23,382,073 shares established under the plans of reorganization for claims that remained in dispute as of the emergence date, from which there have been interim distributions to unsecured creditors as disputed claims were resolved.
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Summary of Upcoming Distribution by Debtor
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Chapter 11 Debtor | | Value of Allowed Claims Receiving Distribution as of Nov. 6, 2012 ($000) | | | Shares in Reserve as of Nov. 6, 2012 | | | Shares Distributed as of Nov. 6, 2012 | | | Total Shares Available for Distribution | | | Number of Shares per $1,000 of Allowed Claim as of Nov. 6, 2012 | |
AbitibiBowater Inc. | | $ | 393,986 | | | | 237 | | | | 141,062 | | | | 141,299 | | | | 0.358038 | |
Abitibi-Consolidated Corporation | | | 42,835 | | | | 19,830 | | | | 169,597 | | | | 189,427 | | | | 3.959286 | |
Abitibi-Consolidated Finance LP | | | 7,979 | | | | — | | | | 264,827 | | | | 264,827 | | | | 33.191033 | |
Abitibi Consolidated Sales Corporation | | | 29,563 | | | | 15,561 | | | | 576,734 | | | | 592,295 | | | | 19.508488 | |
Alabama River Newsprint Company | | | 2,194 | | | | 208 | | | | 513 | | | | 721 | | | | 0.233772 | |
Augusta Woodlands, LLC | | | — | | | | 26 | | | | — | | | | 26 | | | | N/A | |
Bowater Alabama LLC | | | 13,139 | | | | 21,006 | | | | 239,985 | | | | 260,991 | | | | 18.264506 | |
Bowater America Inc. | | | 4,353 | | | | 246,289 | | | | 51,201 | | | | 297,490 | | | | 11.762645 | |
Bowater Incorporated | | | 2,742,910 | | | | 1,632,068 | | | | 48,328,264 | | | | 49,960,332 | | | | 17.619338 | |
Bowater Newsprint South LLC | | | 21 | | | | — | | | | 141 | | | | 141 | | | | 6.619386 | |
Bowater Newsprint South Operations LLC | | | 7,291 | | | | 3,299 | | | | 52,096 | | | | 55,395 | | | | 7.145643 | |
Bowater Nuway Inc. | | | 52 | | | | 706 | | | | 1,301 | | | | 2,007 | | | | 24.949746 | |
Bowater Nuway Mid-States Inc. | | | 190 | | | | 11 | | | | 3,963 | | | | 3,974 | | | | 20.828922 | |
Coosa Pines Golf Club Holdings LLC | | | — | | | | 1,521 | | | | — | | | | 1,521 | | | | N/A | |
Donohue Corp. | | | 91 | | | | 10,530 | | | | 3,657 | | | | 14,187 | | | | 39.989026 | |
Lake Superior Forest Products Inc. | | | — | | | | 67 | | | | — | | | | 67 | | | | N/A | |
| | | | | | | | | | | | | | | | | | | | |
| | $ | 3,244,606 | | | | 1,951,358 | | | | 49,833,341 | | | | 51,784,699 | | | | | |
| | | | | |
CCAA affected unsecured creditor class | | Value of allowed claims receiving distributions as of Nov. 6, 2012 ($1,000 CAD) | | | Remaining Reserve Shares as of Nov. 6, 2012 | | | Cumulative shares distributed as of Nov. 6, 2012 | | | Total shares available for distribution under the plan | | | Number of shares per $1,000 of allowed claim as of Nov. 6, 2012 | |
ACI Affected Unsecured Creditor Class | | $ | 3,494,576 | | | | 63,917 | | | | 4,321,524 | | | | 4,385,441 | | | | 1.236638 | |
ACCC Affected Unsecured Creditor Class | | | 3,558,869 | | | | 481,804 | | | | 19,954,284 | | | | 20,436,088 | | | | 5.606918 | |
Saguenay Forest Products Affected Unsecured Creditor Class | | | 7,723 | | | | 256 | | | | 5,691 | | | | 5,947 | | | | 0.736870 | |
BCFPI Affected Unsecured Creditor Class | | | 415,536 | | | | 827,901 | | | | 5,866,043 | | | | 6,693,944 | | | | 14.116824 | |
AbitibiBowater Canada Affected Unsecured Creditor Class | | | — | | | | 2 | | | | — | | | | 2 | | | | N/A | |
Bowater Maritimes Affected Unsecured Creditor Class | | | 2,432 | | | | 38,704 | | | | 6,102 | | | | 44,806 | | | | 2.508730 | |
ACNSI Affected Unsecured Creditor Class | | | — | | | | 46,882 | | | | — | | | | 46,882 | | | | N/A | |
Office Products Affected Unsecured Creditor Class | | | 431 | | | | — | | | | 1,955 | | | | 1,955 | | | | 4.538396 | |
Recycling Affected Unsecured Creditor Class | | | 196 | | | | — | | | | 277 | | | | 277 | | | | 1.412454 | |
| | | | | | | | | | | | | | | | | | | | |
| | $ | 7,479,763 | | | | 1,459,466 | | | | 30,155,876 | | | | 31,615,342 | | | | | |
These tables do not include:
| • | | the allowed amounts of the claims in respect of the 15.5% notes due July 15, 2010 issued by Abitibi Consolidated Company of Canada, or the “exchange notes”, in respect of which the Company previously distributed 7,783,894 shares of common stock under the chapter 11 plan of reorganization and 4,439,680 shares of common stock under the CCAA plan of reorganization; |
| • | | the allowed amounts of claims relating to certain pre-petition supplemental executive retirement plans, for which the Company reserved an additional 1,051,772 shares of common stock under the chapter 11 plan of reorganization and 225,853 shares of common stock under the CCAA plan of reorganization; and |
| • | | 233,714 shares allocated and previously distributed to the estate trustee of Bowater Canada Finance Corporation as a result of that entity’s exclusion from the plans of reorganization and subsequent assignment for the benefit of its creditors under theBankruptcy and Insolvency Act(Canada). |
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Summary of Upcoming Distribution by Public Bond
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| | Shares of RFP common stock (CUSIP 76117 W 109) |
Issue description | | Cusip | | Trustee or TA | | Aggregate principal amount | | Cumulative shares distributed as of Nov. 6, 2012 | | Stock per $1,000 of principal |
7.4% Debentures due 2018 | | 003924AB3 | | Computershare (Montreal) | | 100,000,000 | | 864,707 | | 8.647070 |
7.5% Debentures due 2028 | | 003924AC1 | | Computershare (Montreal) | | 250,000,000 | | 2,162,899 | | 8.651596 |
10.50% Senior Notes (Series B) | | 102214AB9 | | Computershare (Montreal) | | 20,400,000 | | 362,129 | | 17.751422 |
6.0% Notes due 2013 | | 003669AC2 | | Deutsche Bank | | 350,000,000 | | 2,965,994 | | 8.474269 |
7.75% Notes due 2011 | | 003669AF5 | | Deutsche Bank | | 200,000,000 | | 1,706,099 | | 8.530495 |
Floating Rate Notes due 2011 | | 003669AG3 | | Deutsche Bank | | 200,000,000 | | 1,692,402 | | 8.462010 |
8.375% Senior Notes due 2015 | | 003669AJ7 | | Deutsche Bank | | 450,000,000 | | 3,911,038 | | 8.691196 |
7.875% Senior Notes | | 003672AA0 | | Deutsche Bank | | 7,842,000 | | 330,879 | | 42.193191 |
8.5% Senior Unsecured Note due 2029 | | 003924AD9 | | Deutsche Bank | | 250,000,000 | | 2,115,335 | | 8.461340 |
8.55% Senior Unsecured Note due 2010 | | 003924AG2 | | Deutsche Bank | | 395,000,000 | | 3,342,576 | | 8.462218 |
8.85% Senior Unsecured Note due 2030 | | 003924AH0 | | Deutsche Bank | | 450,000,000 | | 3,810,366 | | 8.467480 |
9.0% Debentures | | 102183AC4 | | HSBC | | 248,092,000 | | 4,457,377 | | 17.966629 |
9.375% Debentures | | 102183AEO | | HSBC | | 200,000,000 | | 3,627,225 | | 18.136125 |
9.50% Debentures | | 102183AG5 | | HSBC | | 125,000,000 | | 2,308,414 | | 18.467312 |
6.50 % Notes | | 102183AK6 | | HSBC | | 400,000,000 | | 7,196,825 | | 17.992063 |
Floating Rate Notes (2010) | | 102183AL4 | | HSBC | | 234,420,000 | | 4,149,945 | | 17.703033 |
7.75% Revenue Bonds | | 56041HAA3 | | HSBC | | 62,000,000 | | 1,096,973 | | 17.693113 |
7.625% Revenue Bonds | | 582359AC9 | | HSBC | | 30,000,000 | | 533,372 | | 17.779067 |
7.40 % Revenue Bonds (2022) | | 582361AA9 | | HSBC | | 39,500,000 | | 715,960 | | 18.125570 |
7.40 % Revenue Bonds (2010) | | 986476AR0 | | HSBC | | 3,250,000 | | 58,541 | | 18.012615 |
8.0% Convertible Notes | | 003687AA8 | | Law Debenture | | 387,304,167 | | 6,969,334 | | 17.994472 |
15.5% Senior Notes | | 003669AK4 | | Wilmington | | 292,969,000 | | 12,223,574 | | 41.723097 |
10.85% Debentures | | 05356KAB0 | | Computershare | | CAD 125,000,000 | | 1,836,932 | | 14.695456 |
7.95 % Notes | | 102175AB2 | | Wilmington Trust | | 600,000,000 | | 10,932,219 | | 18.220365 |
Concerning the 7.95% notes issued by Bowater Canada Finance Corporation (CUSIP 102175AB2), this table reflects only distributions on account of the claim against Resolute US FP Inc. (f/k/a Bowater Incorporated, or “Bowater”) under its guarantee of those notes (the “guarantee claim”). The table does not reflect any distribution on account of the claim filed against Bowater by the bankruptcy trustee of the estate of Bowater Canada Finance Corporation under section 135 of theCompanies Act (Nova Scotia) (the “wind-up claim”). The 4,558,268 shares distributed to the bankruptcy trustee of the estate of Bowater Canada Finance Corporation, as described above, are in respect of the wind-up claim.
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The information contained in this current report is furnished pursuant to Item 7.01 of Form 8–K and shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section. The information in this report shall not be incorporated by reference into any registration statement or any other document filed pursuant to the Securities Act of 1933, as amended, except as otherwise expressly stated in such filing. By filing this report and furnishing the information contained herein the Company makes no admission as to the materiality of any such information.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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| | | | RESOLUTE FOREST PRODUCTS INC. |
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Date: November 6, 2012 | | | | By: | | /s/ Jacques P. Vachon |
| | | | Name: | | Jacques P. Vachon |
| | | | Title: | | Senior Vice President and Chief Legal Officer |
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