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): September 2, 2014
RESOLUTE FOREST PRODUCTS INC.
(Exact Name of Registrant as Specified in Charter)
| | | | |
| 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 2.05 COSTS ASSOCIATED WITH EXIT OR DISPOSAL ACTIVITIES
The information contained in item 2.06 is incorporated herein by reference.
ITEM 2.06 MATERIAL IMPAIRMENTS
On September 2, 2014, Resolute Forest Products Inc. (the “Company”) announced the permanent closure of its Laurentide paper mill in Shawinigan, Quebec. As a result, the Company expects to record an accelerated depreciation charge of approximately $95 million to reduce the carrying value of the fixed assets to their residual value. The Company also estimates that it will incur a charge of approximately $12 million for severance and other termination benefits, and a net charge of $9 million for other closure costs, including environmental remediation obligations and a write-down of inventory.
Accordingly, the total amount of all charges is expected to be approximately $116 million. Total future cash expenditures associated with these charges are expected to be approximately $20 million, most of which will be incurred before the end of the year.
A copy of the press release announcing the closure is provided as exhibit 99.1.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS
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Exhibit No. | | Description |
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| 99.1 | | Resolute Forest Products press release dated September 2, 2014 |
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: September 5, 2014 | | | | By: | | /s/ Jacques P. Vachon |
| | | | | | Name: | | Jacques P. Vachon |
| | | | | | Title: | | Senior Vice President and Chief Legal Officer |
INDEX OF EXHIBITS
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Exhibit No. | | Description |
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| 99.1 | | Resolute Forest Products press release dated September 2, 2014 |
