North America's No. 2 newsprint maker, White Birch, moved a step nearer to emerging from Ch 11 protection from creditors when a US bankruptcy court said creditors of its wholly-owned Bear Island subsidiary can vote on its amended liquidation plan. Eastern District of Virginia Judge Douglas Tice Jr. ruled Wednesday that the company's disclosure statement explaining its proposal provided enough information for creditors to make an informed decision. The plan provides holders of certain secured and unsecured claims totaling about $531.4 million a recovery rate of 0.5% to 4.0%, according to court papers.
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