VERSO Files For Chapter 11 Bankruptcy

Filed under: U.P. News Updates |
GLR News Update

GLR News Update

Quinnesec, MI – (Great Lakes Radio News) – Verso Paper has filed for Chapter 11 bankruptcy.

In a statement released today, the company says they are voluntarily making the filing to restructure $2.4 billion in debt to strengthen the company’s balance sheet and to position itself for long-term success.

The company says the bankruptcy filing will have virtually no impact on the day-to-day operations of the company.

Company officials say since acquiring NewPage Holdings Inc. in January of 2015, an accelerated and unprecedented decline in demand for paper products, a significant increase in foreign imports, and Verso’s impending financial obligations made the bankruptcy filing necessary.

Leave a Reply

Your email address will not be published. Required fields are marked *