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Highland Capital and Marcal Paper Mills Announce Agreement with EPA
DALLAS & ELMWOOD PARK, N.J.-(Business Wire)-February 19, 2008 - Highland Capital Management, L.P. ("Highland Capital") and Marcal Paper Mills, Inc. ("Marcal"), today announced that they have reached an agreement in principle with the Environmental Protection Agency ("EPA") and U.S. Department of Justice to settle all federal environmental claims and liabilities with respect to releases of contaminants allegedly affecting the Lower Passaic River Study Area. This agreement will be published for public comment.
With this agreement, one of two major remaining closing conditions for Highland Capital's proposed transaction to become the majority owner of the assets of Marcal has been satisfied. Before the transaction can close, an agreement also must be reached with the New Jersey Department of Environmental Protection regarding the state's Industrial Site Recovery Act and other applicable New Jersey laws.
The proposed transaction was approved by Judge Morris Stern of the U.S. Bankruptcy Court for the District of New Jersey in Newark, on Tuesday, January 22, 2008.
About Marcal Paper Mills, Inc.
Marcal, founded in 1932, is a privately-held, family business. It employs over 900 people in its Elmwood Park, New Jersey and Chicago, Illinois manufacturing operations. The company produces over 160,000 tons of finished paper products, including bath tissue, kitchen towels, napkins and facial tissue, distributed to retail outlets for home consumption and to distributors for away-from-home use in hotels, restaurants, hospitals, offices and factories. For over fifty years, Marcal has been a leader in recycling recovered paper as a source of high-grade cellulose fiber for manufacturing tissue products. Each year, Marcal recycles over 200,000 tons of recovered paper. Marcal's slogan, "Paper from Paper, Not from Trees," (R) symbolizes the commitment of the company to sustainable manufacturing.
About Highland Capital Management, L.P.
Based in Dallas, Texas with offices in New York and London, Highland Capital Management, L.P. is an SEC-registered investment adviser specializing in alternative investment management. With approximately $39 billion in assets under management, the firm is a leading manager of syndicated loans, high yield bonds, and structured products for pension plans, insurance companies, banks, foundations, endowments and high net worth individuals. For more information regarding Highland, please visit www.hcmlp.com.
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