Verso Paper’s $1.4 billion acquisition of NewPage Holdings Inc. appears to be closer to falling apart after NewPage made clear last week that it would not waive certain refinancing provisions contained in the original merger agreement, and would be forced to “re-evaluate” the deal if Verso is not able to meet its commitments. At issue […]
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Posted inFranklin, The Franklin Journal
Verso files application with Jay for abatement of 2013 property taxes
JAY — Verso Androscoggin LLC filed an application for a 2013 abatement of property taxes on Tuesday. The request asks the town to abate $469 million in valuation from the company’s real estate and personal property at the Androscoggin Mill. The company said the paper mill and its property are overvalued by the town. “We […]
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Posted inBusiness, Franklin, River Valley, sj-web
Verso-NewPage merger could be in trouble
As part of the merger agreement, which was announced earlier this month, Verso Paper initiated a debt exchange offer in which holders of its debt would swap their notes for new notes with different terms. The results of that offer have not met the company’s expectations, according to a letter David Paterson, Verso’s CEO, sent […]
Posted inFranklin, River Valley, sj-web
Verso-NewPage merger could bring upheaval before prosperity
The proposed merger of Verso Paper and NewPage Holdings, announced on Jan. 6, sent shockwaves through the local and global paper industries. Verso’s stock shot up more than 570 percent, analysts started chattering about implications for the global paper market, and millworkers in Maine expressed hope the deal would improve circumstances for the more than […]
Posted inBusiness, sj-web
Proposed Verso, NewPage merger changes game in Maine paper industry
The proposed merger of Verso Paper and NewPage Holdings, announced on Jan. 6, sent shockwaves through the local and global paper industries. Verso’s stock shot up more than 570 percent, analysts started chattering about implications for the global paper market, and millworkers in Maine expressed hope the deal would improve circumstances for the more than […]
Posted inFranklin, River Valley, The Franklin Journal
Jay voters to consider transfer of $100,000 for valuation specialists
JAY — Voters will be asked Monday, Jan. 13, to transfer $100,000 from the town’s approximately $6 million in undesignated revenue to a legal account to pay for industrial valuation specialists. The town meeting will begin at 6 p.m. at the Town Office. Verso Paper Corp. officials, Jay town officials and experts met last August […]
Posted inBusiness, Franklin, River Valley
Verso to buy NewPage mills, property
Verso Paper Corp. plans to buy Ohio-based NewPage Holdings Inc. for $1.4 billion in an effort to create a stronger, more globally competitive coated-paper-based business to serve customers, the two companies announced in a news release Monday. NewPage has seven paper mills in the United States, including one in Rumford. The Tennessee-based Verso has four […]
Posted inFranklin, The Franklin Journal
Firefighters extinguish fire in pipe at Jay paper mill Sunday
JAY — About 40 firefighters from three towns responded to a fire at Verso Paper Corp.’s Androscoggin Mill at 5:30 p.m. Sunday. Verso’s fire brigade fought the fire before they arrived. No one was injured. The fire was in an insulated gas pipe outside the paper mill between the power house and the pulp mill, […]
Posted inFranklin, The Franklin Journal
Tax rate climbs 25 cents
JAY — Selectpersons voted unanimously Monday to increase the tax rate by 25 cents to $14 per $1,000 of property valuation. Last year’s rate was $13.75. The increase will give the town an overlay of $410,000, Chairman Steve McCourt said. It means a house valued at $100,000 would see an increase of $25 in its […]
Posted inBusiness, Maine, sj-web
Verso posts $39 million loss in second quarter of 2013, says natural gas delivery costs partly to blame
Citing high natural gas delivery costs in Maine Verso Paper Corp Friday reported a net loss of $39.2 million in the second quarter of 2013. In a release the company stated its operating loss for the quarter was $8.5 million which compared to a loss of $9.5 million for the second quarter of 2012. “Last […]