Exhibit 99





                       SDW HOLDINGS CORPORATION
                       2700 Westchester Avenue
                       Purchase, New York 10577-2554



                                                      FOR IMMEDIATE RELEASE


          Purhase, New York, December 3, 1996. Sappi Limited has agreed to
acquire the minority common equity interests in SDW Holdings Corporation
held by DLJ Merchant Banking Partners, L.P., certain of its affiliates and
UBS Capital LLC, subject to certain customary conditions. Jointly, these
interests represent approximately 22% of the common equity of SDW Holdings
(on a fully-diluted basis). SDW Holdings is the parent of S.D. Warren
Company.

          Under the terms of the agreement, Sappi has agreed to purchase
the interests at a price of $17.25 per share of common stock within 180
days of the date of execution of the agreement.

          Following this acquisition, Sappi will own over 97% of the common
equity of SDW Holdings (on a fully-diluted basis). Sappi has agreed to use
reasonable efforts to acquire the remaining common equity interests in SDW
Holdings within 120 days following the closing of the above acquisition.
Based upon current circumstances, it is expected that the acquisition of
such minority interests will be made for cash at a substantially similar
price.