Bloomberg reports NewPage Corp., the largest U.S. coated-paper maker, won court approval of its plan to reorganize and exit bankruptcy in the hands of its first-lien noteholders.

The company will leave bankruptcy with about $500 million in debt after shedding about $2.7 billion in obligations, the company’s chief executive officer, George F. Martin, said in an interview after the court hearing.

NewPage, based in Miamisburg, OH, filed for bankruptcy in September 2011, listing $3.4 billion in assets and $4.2 billion in debt.

U.S. Bankruptcy Judge Kevin Gross said he planned to sign an order approving the reorganization plan after the company and a group of creditors work out final wording.

Read the entire NewPage Bankruptcy story on Bloomberg.