Redwood's Advisory Clients Hold 3.37M Mercer Shares via Schedule 13G

Rhea-AI Filing Summary

Mercer International Inc. Schedule 13G discloses that Redwood Capital entities and Ruben Kliksberg have shared voting and dispositive power over 3,368,840 shares of Mercer common stock, representing 5.0% of the class. The filing states these securities are directly owned by advisory clients of Redwood Capital Management LLC and that none of those clients is reported to beneficially own more than 5% individually. Each reporting person disclaims beneficial ownership except to the extent of pecuniary interest. The report certifies the holdings were acquired and are held in the ordinary course of business and not to influence control of the issuer.

Positive

• Material stake disclosed: Reporting persons collectively report 3,368,840 shares (5.0%), providing transparency to the market.
• Passive intent stated: Item 10 certifies holdings were acquired and are held in the ordinary course of business and not to influence control.

Negative

• No sole voting or dispositive power: Each reporting person reports 0 shares of sole voting or dispositive power, indicating no single filer controls the position.
• Advisory-client ownership not itemized: Item 6 states shares are directly owned by advisory clients but does not identify which clients hold the securities.

Insights

Securities Analyst

TL;DR: A passive, disclosed 5.0% position held through advisory clients; no assertion of intent to influence control.

The Schedule 13G shows a combined 3,368,840-share interest reported with only shared voting and dispositive power, consistent with an investment adviser reporting passive holdings. Item 6 explicitly states the securities are directly owned by advisory clients and no single client is reported to own more than 5.0%. The Item 10 certification further affirms the position was acquired and is held in the ordinary course of business and not for control purposes. For market impact, a reported 5.0% stake is material enough to attract attention but the filing's passive characterization suggests limited near-term governance disruption.

Corporate Governance Expert

TL;DR: Ownership structure shows shared authority and formal disclaimer of control, reducing immediate governance implications.

The reporting persons list classification codes including IA and related entity types, and all entries show 0 shares of sole voting or dispositive power and 3,368,840 shares of shared power. The signature block includes customary disclaimers that limit claims of beneficial ownership except for pecuniary interest. Because the filing affirms ordinary-course holdings and disclaims intent to change control, this disclosure is primarily informational from a governance perspective and does not, on its face, signal an activistic campaign or control contest.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

Mercer International Inc.

(Name of Issuer)

Common Stock, par value $1.00 per share

(Title of Class of Securities)

588056101

(CUSIP Number)

06/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 588056101

1

Names of Reporting Persons

REDWOOD CAPITAL MANAGEMENT LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 3,368,840.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 3,368,840.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

3,368,840.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

5.0 %

12

Type of Reporting Person (See Instructions)

IA, OO

SCHEDULE 13G

CUSIP No. 588056101

1

Names of Reporting Persons

Redwood Capital Management Holdings, LP

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 3,368,840.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 3,368,840.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

3,368,840.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

5.0 %

12

Type of Reporting Person (See Instructions)

HC, PN

SCHEDULE 13G

CUSIP No. 588056101

1

Names of Reporting Persons

Double Twins K, LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 3,368,840.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 3,368,840.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

3,368,840.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

5.0 %

12

Type of Reporting Person (See Instructions)

HC, OO

SCHEDULE 13G

CUSIP No. 588056101

1

Names of Reporting Persons

Ruben Kliksberg

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 3,368,840.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 3,368,840.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

3,368,840.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

5.0 %

12

Type of Reporting Person (See Instructions)

HC, IN

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Mercer International Inc.
(b)	Address of issuer's principal executive offices: Suite 1120, 700 West Pender Street, Vancouver, BC V6C 1G8, Canada
Item 2.
(a)	Name of person filing: REDWOOD CAPITAL MANAGEMENT LLC Redwood Capital Management Holdings, LP Double Twins K, LLC Ruben Kliksberg
(b)	Address or principal business office or, if none, residence: REDWOOD CAPITAL MANAGEMENT LLC 250 West 55th St., 26th Floor New York, NY 10019 Redwood Capital Management Holdings, LP 250 West 55th St., 26th Floor New York, NY 10019 Double Twins K, LLC 250 West 55th St., 26th Floor New York, NY 10019 Ruben Kliksberg 250 West 55th St., 26th Floor New York, NY 10019
(c)	Citizenship: REDWOOD CAPITAL MANAGEMENT LLC - Delaware Redwood Capital Management Holdings, LP - Delaware Double Twins K, LLC - Delaware Ruben Kliksberg - United States
(d)	Title of class of securities: Common Stock, par value $1.00 per share
(e)	CUSIP No.: 588056101
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: REDWOOD CAPITAL MANAGEMENT LLC - 3,368,840 Redwood Capital Management Holdings, LP - 3,368,840 Double Twins K, LLC - 3,368,840 Ruben Kliksberg - 3,368,840
(b)	Percent of class: REDWOOD CAPITAL MANAGEMENT LLC - 5.0% Redwood Capital Management Holdings, LP - 5.0% Double Twins K, LLC - 5.0% Ruben Kliksberg - 5.0%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: REDWOOD CAPITAL MANAGEMENT LLC - 0 Redwood Capital Management Holdings, LP - 0 Double Twins K, LLC - 0 Ruben Kliksberg - 0
	(ii) Shared power to vote or to direct the vote: REDWOOD CAPITAL MANAGEMENT LLC - 3,368,840 Redwood Capital Management Holdings, LP - 3,368,840 Double Twins K, LLC - 3,368,840 Ruben Kliksberg - 3,368,840
	(iii) Sole power to dispose or to direct the disposition of: REDWOOD CAPITAL MANAGEMENT LLC - 0 Redwood Capital Management Holdings, LP - 0 Double Twins K, LLC - 0 Ruben Kliksberg - 0
	(iv) Shared power to dispose or to direct the disposition of: REDWOOD CAPITAL MANAGEMENT LLC - 3,368,840 Redwood Capital Management Holdings, LP - 3,368,840 Double Twins K, LLC - 3,368,840 Ruben Kliksberg - 3,368,840
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. All of the securities reported in this Schedule 13G are directly owned by advisory clients of REDWOOD CAPITAL MANAGEMENT LLC. None of those advisory clients may be deemed to beneficially own more than 5% of Common Stock, par value $1.00 per share.
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary. Please see Exhibit B attached hereto.
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

REDWOOD CAPITAL MANAGEMENT LLC

Signature:	By: Redwood Capital Management Holdings, LP, its sole member, Double Twins K, LLC, its general partner, /s/ Ruben Kliksberg*
Name/Title:	Ruben Kliksberg / Managing Member
Date:	08/14/2025

Redwood Capital Management Holdings, LP

Signature:	By: Double Twins K, LLC, its general partner, /s/ Ruben Kliksberg*
Name/Title:	Ruben Kliksberg / Managing Member
Date:	08/14/2025

Double Twins K, LLC

Signature:	By: /s/ Ruben Kliksberg*
Name/Title:	Ruben Kliksberg / Managing Member
Date:	08/14/2025

Ruben Kliksberg

Signature:	By: /s/ Ruben Kliksberg*
Name/Title:	Ruben Kliksberg
Date:	08/14/2025

Comments accompanying signature: * Each Reporting Person disclaims beneficial ownership of the reported securities except to the extent of his, her or its pecuniary interest therein, and this report shall not be deemed an admission that such Reporting Person is the beneficial owner of the securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purpose. To the extent that "ownership of 5 percent or less of a class" was indicated in Item 5, such response only applies to the Reporting Person(s) that indicated elsewhere herein that it beneficially owns five percent (5%) or less of the class.

Exhibit Information

Exhibit A - Joint Filing Agreement Exhibit B - Control Person Identification

FAQ

What stake in Mercer International (MERC) is reported?

The filing reports a combined ownership of 3,368,840 shares, representing 5.0% of Mercer International's common stock.

Who filed the Schedule 13G for MERC?

The filing lists Redwood Capital Management LLC, Redwood Capital Management Holdings, LP, Double Twins K, LLC, and Ruben Kliksberg as reporting persons.

Do the reporting persons claim control over MERC?

No. The report includes a certification stating the securities were acquired and are held in the ordinary course of business and were not acquired to change or influence control.

Are the shares held directly or on behalf of others?

Item 6 states the securities are directly owned by advisory clients of Redwood Capital Management LLC and that no such client is reported to own more than 5%.

Do any reporting persons have sole voting or dispositive power?

No. Each reporting person reports 0 shares of sole voting power and 0 shares of sole dispositive power; reported power is shared.