Verso's Capital Structure Hints At Restructuring
Swaraj Chowdhury, CFA
Swaraj Chowdhury, CFA
Mon, Nov. 14, 6:11 AM
Tue, Nov. 1, 12:01 PM
Thu, Aug. 18, 12:17 PM
Thu, Aug. 18, 10:34 AM
- Verso Corporation (NYSE:VRS) continues to get punished after reporting soft Q2 numbers earlier this week,
- Shares are down 12% on the day and 41% for the week.
- The company emerged from bankruptcy earlier this summer to a paper market facing some demand issues.
- Previously: Verso reports Q2 results (Aug. 15)
Wed, Aug. 17, 12:00 PM
Tue, Aug. 16, 12:46 PM
Tue, Aug. 16, 11:59 AM
Mon, Aug. 15, 11:17 PM
Tue, Jan. 26, 11:56 AM
- Paper manufacturer Verso (OTCQB:VRSZ) files for Chapter 11 bankruptcy protection in an effort to shed $2.4B of debt.
- Verso says it expects to reach an agreement with certain creditors and obtain a bankruptcy financing package of up to $600M to support continued day-to-day operations.
- The cash-strapped company has been selling off assets after shuttering much of its operations in Maine and Kentucky as demand for its products continues to decline.
Sep. 21, 2015, 7:06 AM
- Verso Paper(NYSE:VRS) submits a business plan aimed at regaining compliance with NYSE listing standards.
- The company says it will take market-related downtime across its mill system and look at selling noncore assets as part of the initiative.
- Verso fell out of compliance with the NYSE due to its average share price dropping below $1 for a 30-day period.
Aug. 20, 2015, 9:25 AM
- Verso Paper (NYSE:VRS) announces it will cut coated paper and pulp production capacity through a plant adjustment in Maine and an idling of a mill in Kentucky.
- The company will remove capacity of 430K tons of coated paper and 130K tons of dried market pulp due to soft demand trends.
- The actions will result in the reduction of over 600 jobs.
- Shares of Verso are down 89% this year.
Aug. 11, 2015, 7:06 AM
- Verso Paper (NYSE:VRS): Q2 net loss of $60M
- Revenue of $778M (+142.4% Y/Y)
May 15, 2015, 4:33 PM
- Verso Paper (NYSE:VRS): Q1 Adj. EBIDTA of $44M vs. $35M in 1Q14
- Revenue of $806M (+169.6% Y/Y)
Mar. 6, 2015, 7:40 AM
- Verso Paper (NYSE:VRS) reports a 2.7% decrease in average sales price per ton.
- Total sales volume declined 4.3%.
- Segment sales: Coated Papers -12.1% to $233.9M: Market Pulp +3.3% to $41.9M; Other segment +15.9% to $50.6M.
- Gross profit rate declined 1080 bps to 7.1% primarily attributable to the change in unrealized hedge positions due to market movements and Bucksport related charges appearing in cost of sales.
- Q4 results
Mar. 6, 2015, 7:06 AM
- Verso Paper (NYSE:VRS): Q4 Net loss of $183.95M.
- Revenue of $326.36M (-6.9% Y/Y).
Dec. 31, 2014, 1:21 PM
- Verso Paper (VRS +6.2%) announces it reached a settlement with the DOJ that will allow it to proceed with its acquisition of NewPage.
- The company plans to divest itself of paper mills in Wisconsin and Maine as part of the arrangement agreed upon with regulators.
- The merger is expected to be completed in early January.
- SEC Form 8-K