The instant invention is directed to a wallboard panel which is made from new or recycled paper. The panel comprises a pair of sheet members which are parallel in alignment and a honeycomb core sandwiched between the sheet members. The inner surfaces of the sheet members are coated with an adhesive material and the honeycomb core is impressed into the adhesive layers. The honeycomb core is manufactured by a novel process. The sheet members and honeycomb core can be coated with a phenolic resin and/or a fire retardant material. The wallboard panel can also include insulation and/or fire-retardant material disposed within the hollow honeycomb core.