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): May 16, 2013

 

 

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 5.07 Submission of Matters to a vote of Securityholders

(a) Resolute Forest Products Inc. (the “Company”) held its annual meeting of the stockholders on May 16, 2013.

(b) The stockholders elected all the director nominees, ratified the appointment of PricewaterhouseCoopers LLP as independent registered public accounting firm for the 2013 fiscal year and adopted a non-binding resolution approving executive compensation.

 

1. Vote on the election of directors:

 

     For      Withheld      Non-votes  

Michel P. Desbiens

     60,655,614         219,687         19,894,470   

Jennifer C. Dolan

     60,662,726         212,575         19,894,470   

Richard D. Falconer

     60,660,573         214,728         19,894,470   

Richard Garneau

     60,658,332         216,969         19,894,470   

Jeffrey A. Hearn

     60,662,983         212,318         19,894,470   

Bradley P. Martin

     58,633,933         2,241,368         19,894,470   

Alain Rhéaume

     60,664,506         210,795         19,894,470   

Michael S. Rousseau

     60,662,576         212,725         19,894,470   

David H. Wilkins

     60,663,352         211,949         19,894,470   

 

2. Vote on the ratification of the appointment of PricewaterhouseCoopers LLP:

 

For

     80,497,184   

Against

     66,899   

Abstain

     205,688   

 

3. Advisory vote to approve executive compensation:

 

For

     60,443,581   

Against

     250,100   

Abstain

     181,620   

Non-votes

     19,894,470   

 

Item 7.01 Regulation FD Disclosure

On May 22, 2013, Resolute Forest Products Inc. (formerly AbitibiBowater Inc., the “Company”) distributed from the disputed claim share reserve 2,055,620 shares of its common stock for the benefit of unsecured creditors under the Chapter 11 plan of reorganization. There being no remaining unresolved unsecured claim under the Chapter 11 plan of reorganization, this was the final distribution to unsecured creditors under that plan of reorganization. There was no distribution to unsecured creditors under the CCAA plan of reorganization and compromise in this distribution; eligible creditors thereunder will receive one or more additional distribution(s) in accordance with the interim distribution provisions of that plan.

Because the aggregate of allowed claims against certain Chapter 11 debtors was resolved for less than was originally reserved when the disputed claim share reserve was established, 276,662 shares were transferred to the Company in connection with the distribution, pursuant to the Chapter 11 plan of reorganization.

 

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Distributions from the disputed claim share reserve are not dilutive, as the shares in the reserve have been deemed outstanding since emergence from the creditor protection proceedings.

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 (or “Chapter 11”), and the Companies’ Creditors Arrangement Act (Canada), as applicable (or “CCAA”), 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 May 22 Distribution by Debtor

 

Chapter 11 Debtor

   Value of
Allowed Claims
Receiving
Distribution

as of May 22,
2013

($000)
     Total Shares
Available for
Distribution
     Re-Allocated
SERP Shares
     Shares
Distributed as of
May 22, 2013
     Shares in
Reserve as of
May 22, 2013
     Number of Shares
per $1,000 of
Allowed Claim as of

May 22, 2013
 

AbitibiBowater Inc.

   $ 393,986         141,299            141,299         —           0.358639   

Abitibi-Consolidated Corporation

     42,835         189,427            189,427         —           4.422222   

Abitibi-Consolidated Finance LP

     7,979         264,827            264,827         —           33.191033   

Abitibi Consolidated Sales Corporation

     29,615         592,295         128,610         720,905         —           24.342162   

Alabama River Newsprint Company

     2,204         721            721         —           0.327138   

Augusta Woodlands, LLC

     —           26            —           26         N/A   

Bowater Alabama LLC

     13,407         260,991            260,991         —           19.467436   

Bowater America Inc.

     4,523         297,490            180,901         116,589         39.999648   

Bowater Incorporated

     2,743,804         49,960,332         288,324         50,248,537         119         18.313455   

Bowater Newsprint South LLC

     21         141            141         —           6.619386   

Bowater Newsprint South Operations LLC

     7,300         55,395            55,395         —           7.588187   

Bowater Nuway Inc.

     52         2,007            2,007         —           38.488962   

Bowater Nuway Mid-States Inc.

     190         3,974            3,974         —           20.886736   

Coosa Pines Golf Club Holdings LLC

     —           1,520            —           1,520         N/A   

Donohue Corp.

     91         14,187            3,657         10,530         39.989026   

Lake Superior Forest Products Inc.

     18         67            67         —           3.755191   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    
   $ 3,246,026         51,784,699         416,934         52,072,849         128,784      

This table does not include:

 

   

the allowed amounts of 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;

 

   

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 the Bankruptcy and Insolvency Act (Canada);

 

   

the allowed amounts of claims relating to certain pre-petition supplemental executive retirement plans, for which the Company had reserved an additional 1,051,772 shares of common stock under the Chapter 11 plan of reorganization. Because these claims were resolved for less than was originally reserved, 416,934 shares were reallocated to affected Chapter 11 debtors for distribution; nor

 

   

any CCAA debtor or distribution on account thereof. For more information on distributions relating to CCAA debtors, see the current report on Form 8-K filed with the Securities and Exchange Commission, or the “SEC”, as of November 7, 2012.

 

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Summary of May 22, 2013 Distribution by Public Bond

Shares of RFP

common stock

(CUSIP 76117 W 109)

 

                     Cumulative         
                     shares      Stock per  
              Aggregate      distributed as of      $1,000 of  

Issue description

   Cusip    Trustee or TA   principal amount      May 22, 2013      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         4,628,513         18.656438   

9.375% Debentures

   102183AEO    HSBC     200,000,000         3,766,498         18.832490   

9.50% Debentures

   102183AG5    HSBC     125,000,000         2,397,049         19.176392   

6.50 % Notes

   102183AK6    HSBC     400,000,000         7,473,158         18.682895   

Floating Rate Notes (2010)

   102183AL4    HSBC     234,420,000         4,309,288         18.382766   

7.75% Revenue Bonds

   56041HAA3    HSBC     62,000,000         1,139,093         18.372468   

7.625% Revenue Bonds

   582359AC9    HSBC     30,000,000         553,847         18.461567   

7.40 % Revenue Bonds (2022)

   582361AA9    HSBC     39,500,000         743,450         18.821519   

7.40 % Revenue Bonds (2010)

   986476AR0    HSBC     3,250,000         60,786         18.703385   

8.0% Convertible Notes

   003687AA8    Law Debenture     387,304,167         7,231,732         18.671971   

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         11,351,978         18.919963   

 

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The table above shows each issuance for which the debtors have made a distribution under the plans of reorganization, and the cumulative total thereof after giving effect to the May 22 distribution, which included only distributions on account of the Chapter 11 plan of reorganization. For more information on distributions relating to CCAA debtors, see the current report on Form 8-K filed with the SEC as of November 7, 2012.

Concerning the 7.95% notes issued by Bowater Canada Finance Corporation (CUSIP 102175AB2), this table reflects only distributions on account of the guaranty claim against the estate of Resolute US FP Inc. (f/k/a Bowater Incorporated). The table does not reflect any distribution on account of the claim filed against Bowater Incorporated by the estate trustee of Bowater Canada Finance Corporation under section 135 of the Companies Act (Nova Scotia) (the “wind-up claim”). For more information, see the current report on Form 8-K filed with the SEC as of November 7, 2012.

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.

 

    RESOLUTE FOREST PRODUCTS INC.
Date: May 22, 2013     By:  

/s/ Jacques P. Vachon

    Name:   Jacques P. Vachon
    Title:   Senior Vice President and Chief Legal Officer

 

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