Verso emerges from bankruptcy, to again list stock on NYSE

SEATTLE (Scrap Monster):  Verso Corp., the papermaker that employs more than 560 at its mill in Jay, has emerged from bankruptcy.

The Tennessee-based company filed for Chapter 11 protection in January to clear $2.4 billion in debt. On Friday, it filed documents with the Securities and Exchange Commission to implement its reorganization plan and issue 34.4 million shares of new stock.

“Verso emerges from bankruptcy as a much stronger company with significantly reduced debt and a unified capital structure that position us to fully realize and leverage the benefits of our prior operational improvements, explore opportunities for strategic growth, successfully compete in the global marketplace, and deliver on our corporate mission to create value for all of our stakeholders,” Verso President and Chief Executive Officer David J. Paterson said in a statement Friday. Paterson previously announced he will step down from his position once a replacement is found.

“This does create a better corporate environment where we can control our own destiny and not be burdened by so much debt,” said William Cohen, a longtime spokesman for the Jay mill who is now its communications and public affairs consultant.

Cohen said he spoke Friday with Everett O’Neill, the mill’s manager. O’Neill said the bankruptcy news was welcome, according to Cohen, but the focus of the mill’s workforce has been on making it successful ever since an August 2015 downsizing shut down two machines and cut 300 jobs from the workforce.

“Corporately, today’s news means something, but it doesn’t change the day-to-day operations at Andro,” said Cohen, referring to the Androscoggin Mill in Jay. “Since the reorganization, the sense among a majority of the workers is that we have to stay focused and we’ve got to make this a success.”

Courtesy: www.pressherald.com