Bear Island would redeem 10% notes under possible restructuring

New York, March 2 - Bear Island Paper Co., LLC said it would redeem its $100 million principal amount of 10% senior secured notes due 2007 under a possible restructuring.

The redemption would be through a call, tender offer or otherwise. Under the notes' terms, they are currently callable at 101.667% of par plus accrued interest.

The possible restructuring would bring the company and two other paper mills affiliated with Bear Island's parent, Brant-Allen Industries, Inc., under the common control of Brant-Allen, according to an 8-K filing with the Securities and Exchange Commission.

Bear Island is an Ashland, Va., newsprint manufacturer.

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