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Eastern Pulp & Paper plans reorganization

Eastern Pulp & Paper Corp. filed a reorganization plan with the bankruptcy court in Portland, Maine, and said it would obtain new long-term financing to support its operations and financial obligations. The company expects the reorganization plan to be approved by the bankruptcy court in the fourth quarter. It also hopes to obtain new funds this fall, which will add to existing financingarrangements approved by the court.The plan would repay 100% of debt to secured lenders and creditors and 10% to holders of unsecured obligations. In addition, $4.4 million of subordinated debt would be converted to equity, according to Eastern