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July 25, 2014
10:57 EDTVRSVerso Paper postpones special meeting to August 12
Verso Paper announced that it has postponed the previously scheduled special meeting of its stockholders from July 30 to August 12. Verso also set a record date of August 4 for the rescheduled stockholders meeting. The rescheduled meeting date is meant to allow Verso to provide its stockholders with updated information regarding the debt exchange offers being conducted by two of its subsidiaries, the company stated.
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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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