Jay mill owner, Verso, emerges from bankruptcy
Verso Corp., the Memphis, Tenn.-based owner of the Jay paper mill, has emerged from Chapter 11 bankruptcy after significantly reducing its debt.
“Our emergence from bankruptcy less than six months after our Chapter 11 filings would not have been possible without the support of our lenders, whose willingness to invest in Verso demonstrates their confidence in our prospects for long-term growth and value creation," said Verso President and CEO David J. Paterson in a prepared statement.
Verso's restructuring reduced the company's debt by $2.4 billion and includes $595 million in financing to support ongoing operations and capital investments, according to a release from the company, which employs approximately 560 people at its mill location in Jay.
"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," Paterson added in the release.
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