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Stock Market & Financial Investment News

News Breaks
July 17, 2014
07:11 EDTVRSVerso Paper announces expiration of early tender time, withdrawal deadline
Verso Paper announced that as of 12:00 midnight, New York City time, at the end of Wednesday, July 16, the early tender time with respect to the previously announced exchange offers and consent solicitations by two of its wholly owned subsidiaries, Verso Paper Holdings and Verso Paper, with respect to their outstanding 8.75% Second Priority Senior Secured Notes due 2019 and 11 3/8% Senior Subordinated Notes due 2016 has expired and the deadline to withdraw tenders or revoke consents has passed. Holders of Old Second Lien Notes and Old Subordinated Notes may still participate in the exchange offers and consent solicitations through the final expiration time, which will be as of 12:00 midnight, New York City time, at the end of Wednesday, July 30, 2014, unless extended. As of 12:00 midnight, New York City time, at the end of Wednesday, July 16, the Issuers have been informed by the exchange agent that approximately $286.9M aggregate principal amount of the Old Second Lien Notes and approximately $17.7M aggregate principal amount of the Old Subordinated Notes had been tendered for exchange.
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August 20, 2015
09:05 EDTVRSVerso Corp. announces plans for 'major' reductions in production, capacity
Verso Corporation announced that it plans to make major reductions in its coated paper and pulp production capacity by shutting down the No. 1 pulp dryer and No. 2 paper machine at its Androscoggin Mill in Jay, Maine, and indefinitely idling its mill in Wickliffe, Kentucky. Together, these actions will reduce Verso's production capacity by 430,000 tons of coated paper and 130,000 tons of dried market pulp. Verso intends to implement these capacity reductions beginning in Q4. Verso's decision to reduce its production capacity was driven by several factors. North American coated paper demand is in secular decline, down 4.7% in the first half of 2015, following declines of 3.4% and 4.3% in 2014 and 2013, respectively, according to the Pulp and Paper Products Council. The effects on U.S. producers have been made significantly worse by a change in the net trade balance due to the strengthening of the U.S. dollar relative to foreign currencies, which has resulted in increased foreign imports from Asia, Europe and Canada and decreased U.S. exports. In addition, high operating costs in Maine, especially high energy costs and local property taxes, were contributing factors.
August 19, 2015
16:18 EDTVRSVerso receives additional notice of possible delisting
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