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Alston (Pete) Correll thought the worst was finally behind him and Georgia-Pacific, the $23 billion pulp and paper giant he has led since 1993. The asbestos liability problem and the $13 billion in debt that was left over from an $11 billion acquisition of Fort James, the maker of well-known brands like Dixie cups, Quilted Northern toilet tissue and Brawny towels, was thought to be under control. Last year started on a downbeat. Bondholders reportedly called on the board to get rid of Correll. The directors met in early 2003, clearly worried about GP's continuing ability to service its debt. GP's luck also began to turn last year. For one thing the junk bond market finally came to life, looking favorably on so-called fallen angels like GP. For all the tort liabilities, GP was generating a lot of cash. Offering yields as high as 9.4%, Correll managed to raise $2.5 billion in the junk market last year, getting the banks off his back. To everyone's surprise the housing market held, giving a lift to GP's building materials business. Correll's goal is still to end up with a smaller but more profitable consumer products company. The real bounce has come in GP's stock, which went from a low of $10 in October 2002 to a recent $31. This in the face of long-term debt that still towers at $11.1 billion. That's $2 billion less than a year ago, Correll points out. The board seems to appreciate his efforts--so far.

The article offers brief information on several innovative products in the wipes industry which include the Fraise Towelletes from Frais Luxury Products Pty. Ltd., the Wash and Go (WAG) wipes line from LaFresh Group Inc. and the Wine Wipes from Borracha LLC.

The article evaluates the Esse premium paper systems from Gilbert Paper company.

Highlights several recovered paper operation of Carustar Industries Ltd. Number of mills, buyers and schedulers of mill fiber procurement; Grades used by these mills; Buyers and schedulers of Carustar dedicated to its mills.