Tuesday, November 11, 2014

Top Paper Companies To Watch In Right Now

You can teach an old media stock some new media tricks.

The Washington Post (NYSE: WPO  ) turned heads last week by introducing Sponsored Views, an online platform where companies and organizations can counter Washington Post online editorials by paying for space to voice their counterarguments.�

It may be shocking to see the newspaper icon going to such an extreme measure of monetization, but longtime Fool contributor Rick Munarriz argues in this video that it's not all that different than what brand advertisers can do to skew opinion on Yelp (NYSE: YELP  ) and Facebook (NASDAQ: FB  ) .

It's incredible to think just how much of our digital and technological lives are almost entirely shaped and molded by just a handful of companies. Find out "Who Will Win the War Between the 5 Biggest Tech Stocks?" in The Motley Fool's latest free report, which details the knock-down, drag-out battle being waged by the five kings of tech. Click here to keep reading.

Top Paper Companies To Watch In Right Now: Greif Inc (GEF)

Greif, Inc., incorporated on January 25, 1926, is a producer of industrial packaging products and services with manufacturing facilities located in over 50 countries. The Company offers a line of industrial packaging products, such as steel, fiber and plastic drums, rigid intermediate bulk containers, closure systems for industrial packaging products, transit protection products, water bottles and reconditioned containers, and services such as container lifecycle management, blending, filling and other packaging services, logistics and warehousing. It also produces containerboard and corrugated products for niche markets in North America. It sells timber to third parties from its timberland in the south-eastern United States. It has four segments: Rigid Industrial Packaging & Services, Flexible Products & Services, Paper Packaging and Land Management.

Rigid Industrial Packaging and Services

In the Rigid Industrial Packaging and Services, the Company is a provider of rigid industrial packaging products, including steel, fiber and plastic drums, rigid intermediate bulk containers, closure systems for industrial packaging products, transit protection products, water bottles and reconditioned containers, and services, such as container lifecycle management, blending, filling and other packaging services, logistics and warehousing. It sells industrial packaging products to customers in industries, such as chemicals, paints and pigments, food and beverage, petroleum, industrial coatings, agricultural, pharmaceutical and mineral, among others.

Flexible Products and Services segment

In the Flexible Products and Services segment, the Company is a producer of flexible intermediate bulk containers and a North American provider of industrial and consumer multiwall bag products. Its flexible intermediate bulk containers consist of a polypropylene-based woven fabric that is partly produced at its production sites, as well as sourced from strategic regional sup! pliers. Its industrial and consumer multiwall bag products are used to ship a range of industrial and consumer products, such as seed, fertilizers, chemicals, concrete, flour, sugar, feed, pet foods, popcorn, charcoal and salt, primarily for the agricultural, chemical, building products and food industries.

Paper Packaging segment

In the Paper Packaging segment, the Company sells containerboard, corrugated sheets and other corrugated products to customers in North America in industries such as packaging, automotive, food and building products. Its corrugated container products are used to ship such products as home appliances, small machinery, grocery products, building products, automotive components, books and furniture, as well as numerous other applications. Operations related to industrial and consumer multiwall bag products have been reclassified to Flexible Products and Services segment.

Land Management segment

In the Land Management segment, the Company is focused on the active harvesting and regeneration of the United States timber properties to achieve long-term yields. It also sells, from time to time, timberland and special use land, which consists of surplus land, HBU land and development land. As of October 31, 2013, it owned approximately 252,475 acres of timber property in the southeastern United States and approximately 10,300 acres of timber property in Canada.

Advisors' Opinion:
  • [By Geoff Gannon]

    For those of you wondering if Greif Brothers Cooperage has any relation to Greif (GEF) ��yes. It has every relation. It�� the same exact company. And it�� still in pretty much the same business. They used to just make barrels. Now they make all kinds of different drums, containers, etc. That�� not a very big change for a company to make over 60 years or so.

Top Paper Companies To Watch In Right Now: Weatherford International Ltd(WFT)

Weatherford International Ltd. provides equipment and services used in the drilling, evaluation, completion, production, and intervention of oil and natural gas wells worldwide. It offers artificial lift systems, which include reciprocating rod lift systems, progressing cavity pumps, gas lift systems, hydraulic lift systems, plunger lift systems, hybrid lift systems, wellhead systems, and multiphase metering systems. The company also provides drilling services, including directional drilling, ?Secure Drilling? services, well testing, drilling-with-casing and drilling-with-liner systems, and surface logging systems; and well construction services, such as tubular running services, cementing products, liner systems, swellable products, solid tubular expandable technologies, and inflatable products and accessories. In addition, it designs and manufactures drilling jars, underreamers, rotating control devices, and other pressure-control equipment used in drilling oil and nat ural gas wells; and offers a selection of in-house or third-party manufactured equipment for the drilling, completion, and work over of oil and natural gas wells for operators and drilling contractors, as well as a line of completion tools and sand screens. Further, the company provides wireline and evaluation services; and re-entry, fishing, and thru-tubing services, as well as well abandonment and wellbore cleaning services; stimulation and chemicals, including fracturing and coiled tubing technologies, cement services, chemical systems, and drilling fluids; integrated drilling services; and pipeline and specialty services. It serves independent oil and natural gas producing companies. The company was founded in 1972 and is headquartered in Geneva, Switzerland.

Advisors' Opinion:
  • [By Jake L'Ecuyer]

    Shares of Weatherford International (NYSE: WFT) got a boost, shooting up 9.99 percent to $20.25 after the company reported upbeat quarterly earnings. Weatherford reported its Q1 earnings of $0.13 per share on revenue of $3.60 billion.

  • [By Jeremy Bowman]

    What: The shares of Weatherford International (NYSE: WFT  ) were getting a lift today, climbing as much as 10% after posting first-quarter results last night.

  • [By Dimitra DeFotis]

    The market seems to be showing fatigue particularly with positive onshore oil service data points that may no�longer seem incremental. Investors have become especially focused on potential issues and macro concerns. We believe this phase�of enhanced risk perceptions will pass and still recommend owning selective stocks based on attractive valuations and healthy�fundamentals. Of the 16 oilfield services companies having reported their quarters to date, the share price changes have at times�been difficult to tie to specific results. �… Five of the 12 companies who have beaten earnings expectations have seen their share prices drop on the day, including Basic Energy Services (BAS) (-9.0%), Baker Hughes (BHI) (-2.5%), National Oilwell Varco (NOV) (-1.5%), Oceaneering (OII) (-4.2%), and Schlumberger (SLB) (-2.0%). Other stocks beating expectations have traded higher as expected, including Cameron International (CAM) (+4.1%), FMC Technologies (FTI) (+3.1%), Mitcham Industries (MIND) (+3.8%), Nabors Industries (NBR) (+1.2%), Patterson-UTI Energy (PTEN) (+1.8%), RPC (RES) (+8.4%), and Weatherford International (WFT) (+2.3%). Companies which have missed have universally seen their share prices decline, including Diamond Offshore Drilling (DO) (-4.3%), Gulfmark Offshore (GLF) (-0.1%), and Hercules Offshore (HERO) (-6.9%). Halliburton (HAL) was in line and flat on the day.

Best Consumer Stocks To Invest In 2015: Domtar Corp (UFS)

Domtar Corporation, incorporated on August 16, 2006, designs, manufactures, markets and distributes a range of fiber-based products, including communication papers, specialty and packaging papers and adult incontinence products. The Company operates in three business segments: Pulp and Paper, Distribution and Personal Care. Its Pulp and Paper segment consists of the manufacturing, sale and distribution of communication, specialty and packaging papers, as well as softwood, fluff and hardwood market pulp. The Company�� Distribution segment includes the purchasing, warehousing, sale and distribution of its paper products and those of other manufacturers. These products include business and printing papers, certain industrial products and printing supplies. Its Personal Care segment consists of the manufacturing, sale and distribution of adult incontinence products.The Company is an integrated marketer and manufacturer of uncoated freesheet paper in North America for a variety of customers, including merchants, retail outlets, stationers, printers, publishers, converters and end-users. The Company produces incontinence care products marketed primarily under the Attends brand. The Company owns and operates Ariva. On May 10, 2012, the Company acquired EAM Corporation. In June 2013, the Company announced the completion of its acquisition of Xerox Corp paper and print media products business in the United States and Canada. In July 2013, Domtar Corp announced that completion of the acquisition of Associated Hygienic Products (AHP) from DSG International. In January 2014, the Company acquired Laboratorios Indas, SAU.

Pulp and Paper

The Company produces 4.2 million metric tons of hardwood, softwood and fluff pulp at 12 of its 13 mills. The majority of its pulp is consumed internally to manufacture paper and consumer products, with the balance being sold as market pulp. The Company also purchases papergrade pulp from third parties. The Company has 10 pulp and paper mills (eight in the! United States and two in Canada), with an annual paper production capacity of approximately 3.4 million tons of uncoated freesheet paper. Its paper manufacturing operations are supported by 15 converting and distribution operations, including a network of 12 plants located offsite of its paper making operations. In addition, it has forms manufacturing operations at three offsite converting and distribution operations. Approximately 81% of its paper production capacity is in the United States, and the remaining 19% is located in Canada.

The Company produces market pulp in excess of its internal requirements at its three non-integrated pulp mills in Kamloops, Dryden, and Plymouth, as well as at its pulp and paper mills in Espanola, Ashdown, Hawesville, Windsor, Marlboro and Nekoosa. The Company sells approximately 1.6 million metric tons of pulp per year depending on market conditions. Approximately 50% of its trade pulp production capacity is in the United States, and the remaining 50% is located in Canada. The fiber used by its pulp and paper mills in the United States is hardwood and softwood, both being readily available in the market from multiple third-party sources. The fiber used at its Windsor pulp and paper mill is hardwood originating from a variety of sources, including purchases on the open market in Canada and the United States, contracts with Quebec wood producers��marketing boards, public land where it has wood supply allocations and from its private lands. The softwood and hardwood fiber for its Espanola pulp and paper mill and the softwood fiber for its Dryden pulp mill, is obtained from third parties, directly or indirectly from public lands, through designated wood supply allocations for the pulp mills. The fiber used at the Company�� Kamloops pulp mill is all softwood, originating from third-party sawmilling operations in the southern-interior part of British Columbia.

The Company uses various chemical compounds in its pulp and paper manufacturing facili! ties that! it purchases, primarily on a central basis, through contracts. For pulp manufacturing, it uses numerous chemicals, including caustic soda, sodium chlorate, sulfuric acid, lime and peroxide. For paper manufacturing, it also uses several chemical products, including starch, precipitated calcium carbonate, optical brighteners, dyes and aluminum sulfate. It owns power generating assets, including steam turbines, at all of its integrated pulp and paper mills, as well as hydro assets at four locations: Espanola, Ottawa-Hull, Nekoosa and Rothschild. The Company�� business papers include copy and electronic imaging papers, which are used with ink jet and laser printers, photocopiers and plain-paper fax machines, as well as computer papers, preprinted forms and digital papers. These products are primarily for office and home use. The Company�� commercial printing and publishing papers include uncoated freesheet papers, such as offset papers and opaques. These uncoated freesheet grades are used in sheet and roll fed offset presses across the spectrum of commercial printing end-uses, including digital printing. Its publishing papers include tradebook and lightweight uncoated papers used primarily in book publishing applications, such as textbooks, dictionaries, catalogs, magazines, hard cover novels and financial documents. Design papers, a sub-group of commercial printing and publishing papers, have features of color, brightness and texture and are targeted towards graphic artists, design and advertising agencies, primarily for special brochures and annual reports. These products also include base papers that are converted into finished products, such as envelopes, tablets, business forms and data processing/computer forms.

The Company also produces paper for several specialty and packaging markets. These products consist primarily of base stock for thermal printing, flexible packaging, food packaging, medical gowns and drapes, sandpapers backing, carbonless printing, labels and other coating a! nd lamina! ting applications. The Company also manufactures papers for industrial and specialty applications, including carrier papers, treated papers, security papers and specialized printing and converting applications. The Company sells business papers primarily to paper stationers, merchants, office equipment manufacturers and retail outlets. The Company distributes uncoated commercial printing and publishing papers to end-users and commercial printers, mainly through paper merchants, as well as selling directly to converters. The Company sells its specialty and packaging papers mainly to converters, who apply a further production process, such as coating, laminating, folding or waxing to its papers before selling them to a variety of specialized end-users.

Distribution

The Company's Distribution business involves the purchasing, warehousing, sale and distribution of the Company's various products and those of other manufacturers. These products include business, printing and publishing papers and certain packaging products. These products are sold to diverse customer base, which includes small, medium and large commercial printers, publishers, quick copy firms, catalog and retail companies and institutional entities. The Company's Distribution business operates in the United States and Canada under a single banner and umbrella name, Ariva. Ariva operates throughout the Northeast, Mid-Atlantic and Midwest areas from 16 locations in the United States, including 12 distribution centers serving customers across North America.

Personal Care

The Company's Personal Care business sells and manufactures adult incontinence products and distributes disposable washcloths marketed primarily under the Attends brand name. The Company is a supplier of adult incontinence products sold into North America and Northern Europe, selling to hospitals (acute cares) and nursing homes (long-term care) and the Company has a growing presence in the homecare and retail channels. The C! ompany op! erates two manufacturing facilities, with each having the ability to produce multiple product categories. The Company also has a research and development facility and production lines which manufacture high quality airlaid and ultrathin laminated absorbent cores.

Advisors' Opinion:
  • [By Rich Smith]

    On Wednesday, Xerox announced that it has received a binding offer from French paper company Antalis to buy Xerox's European paper and�print media�products business. This follows Xerox's March announcement that it had agreed to sell its U.S. and Canadian paper operations to Canada's Domtar (NYSE: UFS  ) .

Top Paper Companies To Watch In Right Now: Iberpapel Gestion SA (IBG)

Iberpapel Gestion SA is a Spain-based holding company engaged in the paper industry. The Company operates through three divisions: Forestry, involved in the acquisition and cultivation of eucalyptus plantations in Argentina, Uruguay and Spain; Industrial, focused on the production of bleached pulp and paper products, and Commercial, specialized on the distribution of products such as printing and photocopy paper, offset paper, light-coated paper, laser printing paper, paper bags and envelopes. The Company�� subsidiaries include Distribuidora Papelera SA, Moliner Dominguez y Cia SA, Ibereucaliptos SA, Papelera Guipuzcoana de Zicunaga SA, Central de Suministros de Artes Graficas Papel SA and Copaimex SA, among others. The Company�� major shareholders include ONCHENA, SL and BESTINVER GESTION, SA. Advisors' Opinion:
  • [By GURUFOCUS]

    The top contributing stock for the quarter was Saft Groupe (XPAR:SAFT).� The company has two main divisions: the Specialty Battery Group (SBG), which makes lithium batteries for various end markets including satellites, utility meters and military applications; and the Industrial Battery Group (IBG), which produces rechargeable nickel and lithium-ion batteries for industrial back-up power, aviation, rail, telecom and energy storage industries.�

  • [By Holly LaFon]

    The top contributing stock for the quarter was Saft Groupe (XPAR:SAFT).� The company has two main divisions: the Specialty Battery Group (SBG), which makes lithium batteries for various end markets including satellites, utility meters and military applications; and the Industrial Battery Group (IBG), which produces rechargeable nickel and lithium-ion batteries for industrial back-up power, aviation, rail, telecom and energy storage industries.�

Top Paper Companies To Watch In Right Now: International Paper Co (IP)

International Paper Company (International Paper), incorporated on June 23, 1941, is a global paper and packaging company, with primary markets and manufacturing operations in North America, Europe, Latin America, Russia, Asia and North Africa. The Company operates in four segments: Industrial Packaging, Printing Papers, Consumer Packaging and Distribution. As of December 31, 2012, in the United States, the Company operated 28 pulp, paper and packaging mills, 187 converting and packaging plants, 18 recycling plants and three bag facilities. Production facilities as of December 31, 2012 in Europe, Asia, Latin America and South America included 11 pulp, paper and packaging mills, 65 converting and packaging plants, and two recycling plants. It distribute printing, packaging, graphic arts, maintenance and industrial products principally through over 88 distribution branches in the United States and 32 distribution branches located in Canada, Mexico and Asia. As of December 31, 2012, it owned or managed approximately 327,000 acres of forestland in Brazil and had, through licenses and forest management agreements, harvesting rights on government-owned forestlands in Russia. On July 2, 2012, it sold Ontario and Oxnard (Hueneme), California containerboard mills to New-Indy Containerboard LLC, and its New Johnsonville, Tennessee containerboard mill to Hood Container Corporation. On January 3, 2013, it acquired joint venture partner, Sabanci Holding.

Industrial Packaging

International Paper is a manufacturer of containerboard in the United States. Its production capacity is about 14 million tons annually. The Company�� products include linerboard, medium, whitetop, recycled linerboard, recycled medium and saturating kraft. About 80% of its production is converted domestically into corrugated boxes and other packaging by its 178 United States container plants. In addition, it recycles approximately one million tons of old corrugated containers (OCC) and mixed and white paper through ! our 20 recycling plants. In Europe, our operations include one recycled fiber containerboard mill in Morocco and 20 container plants in France, Italy, Spain, and Morocco. In Asia, its operations include 19 container plants in China and additional container plants in Indonesia, Malaysia, Singapore, and Thailand. Its container plants are supported by regional design centers, which offer total packaging solutions and supply chain initiatives.

Printing Papers

International Paper is a producer of printing and writing papers. Products in this segment include uncoated and coated papers, uncoated bristols and pulp. This business produces papers for use in copiers, desktop and laser printers and digital imaging. End use applications include advertising and promotional materials, such as brochures, pamphlets, greeting cards, books, annual reports and direct mail. Uncoated papers also produce a variety of grades that are converted by its customers into envelopes, tablets, business forms and file folders. Uncoated papers are sold under private label and International Paper brand names that include Hammermill, Springhill, Williamsburg, Postmark, Accent, Great White, Chamex, Ballet, Rey, Pol and Svetocopy. The mills producing uncoated papers are located in the United States, France, Poland, Russia, Brazil and India. The mills have uncoated paper production capacity of approximately five million tons annually.

Pulp products include fluff, and southern softwood pulp, as well as southern and birch hardwood paper pulps. These products are produced in the United States, France, Poland, Russia, and Brazil and are sold around the world. International Paper facilities have annual dried pulp capacity of about 1.7 million tons.

Consumer Packaging

International Paper is a producer of solid bleached sulfate board with annual United States production capacity of about 1.7 million tons. Its coated paperboard business produces coated paperboard for a variety of packag! ing and c! ommercial printing end uses. Its Everest, Fortress, and Starcote brands are used in packaging applications for everyday products, such as food, cosmetics, pharmaceuticals, computer software and tobacco products. Its Carolina brand is used in commercial printing end uses, such as greeting cards, paperback book covers, lottery tickets, direct mail and point-of-purchase advertising. Its United States capacity is supplemented by about 365,000 tons of capacity at its mills producing coated board in Poland and Russia and by its International Paper & Sun Cartonboard Co., Ltd. joint venture in China, which has annual capacity of 1.0 million tons. Its Foodservice business produces cups, lids, food containers and plates through three domestic plants and four international facilities.

Distribution

xpedx, the Company�� North American merchant distribution business, distributes products and services to a number of customer markets, including commercial printers with printing papers and graphic pre-press, printing presses and post-press equipment; building services and away-from-home markets with facility supplies; manufacturers with packaging supplies and equipment, and to a number of customers, it provides distribution capabilities, including warehousing and delivery services. xpedx is the wholesale distribution marketer in these customer and product segments in North America, operating 108 warehouse locations in the United States and Mexico.

Advisors' Opinion:
  • [By Shauna O'Brien]

    On Wednesday, Jefferies analyst Philip Ng reported that he sees additional upside for International Paper Company (IP).

    On Tuesday, IP announced a $1.5 billion share buyback program and a 17% dividend increase. Following these reports, the analyst reported that he believes this buyback program has not reflected analyst earnings estimates.

    Ng commented: “While IP is up 24% YTD (S&P 500: up 18%), it has lagged its containerboard peers and we believe now that the mgmt has proved it’s committed in returning cash back to shareholders, the stock should break out of its trading range.”

    Jefferies currently has a “Buy” rating and $60 price target on IP. This price target suggests an 18% increase from the stock’s current price of $49.27.

    International Paper shares were mostly flat during pre-market trading Wednesday. The stock is up 24% YTD.

Top Paper Companies To Watch In Right Now: Fibria Celulose SA (FBR)

Fibria Celulose S.A. (Fibria), formerly Votorantim Celulose e Papel S.A., incorporated on July 25, 1941, is a producer of market pulp. During the year ended December 31, 2010, Fibria produced 5,054 kilotons of eucalyptus pulp (including 50.0% of the pulp production of Veracel). The Company also produces coated and uncoated paper, carbonless paper and thermal paper at its Piracicaba paper mill, located in the State of Sao Paulo with an annual production capacity of 190 kilotons. During 2010, it produced 115 kilotons of paper products and recorded consolidated net revenues. Fibria produces bleached eucalyptus kraft pulp at three pulp mills, the Aracruz pulp mill located in the State of Espirito Santo, which has an annual production capacity of 2.3 million tons; the Tres Lagoas pulp mill located in the State of Mato Grosso do Sul, which has an annual production capacity of 1.3 million tons, and the Jacarei pulp mill located in the State of Sao Paulo, which has an annual production capacity of 1.1 million tons. The Company has a 50% interest in Veracel, which owns and operates a pulp mill in the municipality of Eunapolis, State of Bahia, with an annual production capacity of 1.1 million tons.

Pulp

Fibria produces bleached eucalyptus kraft pulp from planted eucalyptus trees. Bleached eucalyptus kraft pulp is a range of hardwood pulp. Eucalyptus is a hardwood tree, and its pulp has short fibers and is generally suited to manufacturing tissue, coated and uncoated printing and writing paper and coated packaging boards. Short fibers are optimal for manufacturing wood-free paper with good printability, smoothness, brightness and uniformity. Market pulp is the pulp sold to producers of paper products. Kraft pulp is pulp produced in a chemical process using sulphate. During 2010, it produced 5,054 kilotons of pulp (including 50.0% of the pulp production of Veracel).

Paper

During 2010, Fibria produced 115 kilotons of paper. The Company produced coated printing an! d writing paper, which is a coated woodfree paper used for promotional materials, folders, internal sheets and cover of magazines, books, tabloids, inserts and mailing; uncoated printing and writing paper, which is a uncoated woodfree paper in reels and sheets; carbonless paper, which is used to produce multi-copy forms, POS, invoices and other applications in place of traditional carbon paper, and thermal paper, which is traditionally used in fax machines; POS, bar code labels, toll tickets, water and gas bills and receipts for automated teller machines (ATMs) and credit card machines. It manufactures thermal paper products with technology licensed byOji Paper Co., Ltd (Oji Paper).

The Company competes with APRIL, Arauco, APP, Georgia Pacific, CMPC, Sodra, Stora Enso, Weyerhaeuser and Suzano.

Advisors' Opinion:
  • [By Seth Jayson]

    Fibria Celulose (NYSE: FBR  ) reported earnings on July 24. Here are the numbers you need to know.

    The 10-second takeaway
    For the quarter ended June 30 (Q2), Fibria Celulose met expectations on revenues and missed expectations on earnings per share.

Top Paper Companies To Watch In Right Now: Resolute Forest Products Inc (RFP)

Resolute Forest Products Inc., AbitibiBowater Inc., is a global forest products company. The Company�� products include newsprint, commercial printing papers, market pulp and wood products. The Company owns or operates pulp and paper mills and wood products facilities in the United States, Canada and South Korea. On November 7, 2011, it began doing business as Resolute Forest Products. As of December 31, 2011, it owned or operated 18 pulp and paper mills and 23 wood products facilities in the United States, Canada and South Korea. The Company�� segments include newsprint, coated papers, specialty papers, market pulp and wood products. On January 14, 2011, it acquired the noncontrolling interest in Augusta Newsprint Company (ANC). In April 2012, the Company held approximately 48.8% of the outstanding shares of Fibrek Inc. In December 2012, the Company purchased Bowater Mersey Paper Company Limited. oklyn Power Corporation. Advisors' Opinion:
  • [By Seth Jayson]

    There's no foolproof way to know the future for Resolute Forest Products (NYSE: RFP  ) or any other company. However, certain clues may help you see potential stumbles before they happen -- and before your stock craters as a result.

  • [By Seth Jayson]

    Calling all cash flows
    When you are trying to buy the market's best stocks, it's worth checking up on your companies' free cash flow once a quarter or so, to see whether it bears any relationship to the net income in the headlines. That's what we do with this series. Today, we're checking in on Resolute Forest Products (NYSE: RFP  ) , whose recent revenue and earnings are plotted below.

  • [By George Putnam]

    Resolute Forest Products (RFP), formerly known as AbitibiBowater, entered into bankruptcy in early 2009, weighed down by roughly $6 billion in debt.

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