Verso, Owner of Jay Mill, Emerges From Bankruptcy
JAY, Maine - The Tennessee-based paper-making company that owns a mill in Jay has emerged from bankruptcy.
Verso Corp. filed for protection in January, looking to clear $2.4 billion in debt. The Portland Press Herald reports that the company filed papers with the Securities and Exchange Commission on Friday to implement its reorganization.
Verso will also issue 34.4 million shares of new stock. The company's stock had been delisted in September because its share price fell below the required $1 minimum.
The company employs 500 people at the Jay mill.
Verso, like many U.S. papermakers, has faced troubles due to declining demand for paper and growing foreign competition. It plans to change the mix of paper it produces.
Almost half of the Jay mill's production is coated paper used in catalogues and magazines.