New User:

-or-
Username:
Password:
Forgot your password?

Stock Market & Financial Investment News

News Breaks
February 17, 2014
19:20 EDTVRSVerso Paper says NYSE accepts plan to regain compliance
Verso Paper announced that the New York Stock Exchange has accepted Verso's plan to regain compliance with the NYSE's market capitalization continued listing standard. With the NYSE's acceptance of the plan, Verso has until February 21, 2015, in which to regain compliance. In the meantime, Verso's common stock will continue to be traded on the NYSE, subject to ongoing monitoring by the NYSE and Verso's compliance with all other applicable NYSE requirements.
News For VRS From The Last 14 Days
Sign up for a free trial to see the rest of the stories you've been missing.
October 1, 2014
16:16 EDTVRSVerso Paper announces closure of Bucksport, Maine paper mill
Verso Paper announced plans to close its paper mill in Bucksport, Maine. The closure of the mill is expected to occur in the fourth quarter. The mill closure will reduce Verso's coated groundwood paper production capacity by approximately 350,000 tons and its specialty paper production capacity by approximately 55,000 tons. Verso estimates that the closure of the Bucksport mill will result in pre-tax cash severance and other shutdown charges of approximately $35M-45M to be recorded in 2014 and 2015. The estimated cash charges consist of approximately $30M-35M in severance costs and approximately $5M-10M in other shutdown costs. Verso currently is analyzing options for the disposition of mill assets and thus does not have sufficient information to estimate the pre-tax noncash asset impairment and accelerated depreciation charges at this time. Verso expects that the noncash charges will be recognized in 2014

Sign up for a free trial to see the rest of the stories you've been missing.

I agree to the theflyonthewall.com disclaimer & terms of use