Under the debtors agreement with lockton, i understand that the debtors pay an. It also produces coated freesheet paper that is used in annual reports, brochures, and magazine. Company bankruptcy information for verso paper inc. Vrs today announced that the company and its subsidiaries have emerged from bankruptcy following a successful financial. Verso corporation recently completed another important step toward its. Macroaxis is the worlds leading portfolio optimization platform, used by fintech enthusiasts and investment professionals around the globe. Verso corporation 6775 lenox center court, suite 400 memphis, tn 381154436 shelbytn tax id ein. You can print all of the official forms and schedules without using a word processor. Verso paper files for bankruptcy, says it wont sell. In a press release revealing its chapter 11 filing, the chicagobased. Verso was acquired by apollo in 2006 from international paper, and. Filing comes after paper maker skipped debt payments. Effective with all new and existing orders with confirmed delivery dates of july 1, 2017 or later, verso corporation is increasing the transaction price of all coated freesheet sheets and web, coated groundwood and supercalendered grades, including but not limited to.
The filing came after verso exercised grace periods on payments due on. The company offers coated groundwood paper used primarily in magazines and catalogs. Paper company verso files for bankruptcy duluth news tribune. Verso offers a distinguished portfolio of specialty and graphic papers ranging from web, coated, digital, specialty and book, to supercalendered and uncoated. Verso is engaged in the production and sale of coated papers in the united states. Cincompass easytouse bankruptcy software for lawyers. Verso papers \ investors \ press release \ versos plan of. Versos bankruptcy is the largest in the paper industry since newpage filed in 2011.
Verso emerges from bankruptcy, to again list stock on nyse. Verso paper corporation verso paper two corporation verso paper five parent llc. Whereas, on january 26, 2016, verso corporation and its affiliated. Bankruptcy asset based lending industry news, financial articles.
On friday, it filed documents with the securities and exchange commission. In a statement, verso said the filing is intended to allow it to restructure its debt and said the bankruptcy would have virtually no impact on the dayto. Vrs today announced that the company and its subsidiaries have. In a written statement, verso said the filing is intended to allow it to restructure its debt, and the. Verso corporation is the turnto company for those looking to successfully navigate the complexities of paper sourcing and performance. On january 26, 2016, verso corporation and 26 affiliated debtors collectively, the debtors each filed a voluntary petition for relief under chapter 11 of the united states bankruptcy code in the united states bankruptcy court for the district of delaware.
Verso is headquartered in tennessee but incorporated in delaware. Magazinebook printer lsc communications files chapter 11. Apollobacked verso said preparing for bankruptcy this week. Based on latest financial disclosure verso corporation has probability of bankruptcy of 6. Generate optimal portfolios that outperform market benchmarks and protect against global. Bankruptcy software single use chapter 7, chapter 11. The company, which operates a mill in jay where about 550 people are employed, filed papers in delaware bankruptcy court. The company restructured in 2016 following chapter 11 bankruptcy. Newpage term loans are more attractive than vrs first liens in a restructuring. Cincompass bankruptcy software has all the tools and functionality you need to prepare, file and deliver topnotch service to your clients. Boston scientific corporation approved a new global restructuring program, accoring. Verso files for chapter 11 bankruptcy protection to restructure debt. Absent a chapter 11 filing, the debtors will be unable to comply with certain covenants. Verso paper announces price increase midland paper.
Bankruptcy court for the district of delaware on june 23, 2016. As verso was preparing to file for bankruptcy, shares in several global paper and packaging companies, including memphisbased international paper co. Verso paper files for bankruptcy, vows no impact on. Verso successfully emerges from bankruptcy pr newswire. Vrs today announced plans to upgrade the shuttered pulp line and no.
This confirmation, which comes less than five months after verso and its subsidiaries filed for bankruptcy. Verso paper holdings llc operates as a holding company. They asked about many different scenarios in the workplace and how i would handle each. A leading north american producer of graphic and specialty papers, packaging and pulp, verso provides insightful solutions that help drive improved customer efficiency, productivity, brand awareness and business results. Plan of reorganization under chapter 11 of the bankruptcy code d. View the latest vrs financial statements, income statements and financial ratios. Verso mill in jay to lay off 190, sending shock waves. I interviewed at verso syracuse, ny in september 2016. Verso successfully emerges from bankruptcy whattheythink. Verso announces plans to restart paper machine in jay, maine.
Verso vice president kathi rowzie, in an email, wrote the process is moving ahead as expected. The company, through its subsidiaries, manufactures and supplies printing paper, coated groundwood and freesheet, super calendar pages, and. Verso receives bankruptcy court authorization to reject. Verso paper company files for bankruptcy fox21online. Legal experts say covid19 related business bankruptcy filing in the state of. Vrs is a north american producer of coated papers including coated groundwood, coated freesheet, supercalendered and specialty products. Vrsz today completed another important step toward its emergence from bankruptcy when its chapter 11 plan of reorganization was confirmed by the u. Palm group has selected btgs dataparc data historian, analytics, and visualization software to support operations. Verso paper aims to reorganize in a short time frame. Vrs today announced that the company and its subsidiaries have emerged from bankruptcy following a successful financial restructuring and confirmation of its chapter 11 plan of reorganization by the u. The contract required verso, as the assignee of international paper, to manufacture specialty paper on the a5 paper machine at its androscoggin mill in jay, maine, for sale to expera, as the successor to thilmany, at a price essentially equivalent to versos cost of producing the paper. Complete the necessary documents to file a single chapter 7, 11 or bankruptcy petition. By virtue of the bankruptcy courts order, the expera. Moodys investors service 06 jun 2016 rating action moodys assigns verso paper holdings llcs proposed senior secured term loan a pb2.
Whatever your printing process sheetfed, digital, web offset or gravure verso can meet your onpress needs. Law firm software specializes in developing featurerich, easytouse software for attorneys, paralegals, business professionals and consumers. The company produces and supplies coated papers to catalog and magazine publishers in the united states. Verso, which just emerged from bankruptcy three months ago and has about 560 employees, said in a release tuesday morning that the androscoggin mill will idle the no.
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