JAY (AP) — Owners of a Jay paper mill say they are exploring investment options after bouncing back from bankruptcy. Centralmaine.com reports Verso Paper has hired a consultant to review each of its seven mills. CEO Chris DiSantis says the company is exploring several options for each of the mills, such as adding a new […]
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Posted inFranklin
Jay’s draft $6.65 million budget reflects Verso payment
JAY — Town officials, Budget Committee members and department heads will begin reviewing a proposed $6.65 million municipal budget at 6 p.m. Tuesday, Jan. 17, in the Spruce Mountain High School library. The 2017-18 spending plan is $1.38 million more than the current budget. After factoring in revenues, the net amount is proposed at $5.25 […]
Posted inFranklin, Livermore Falls Advertiser
State labor team conducting sessions at Verso mill
JAY — A Rapid Response Team from the Maine Department of Labor has begun holding sessions at Verso’s Androscoggin Mill for employees who will be affected by upcoming layoffs. Verso Corp. announced Nov. 1 that it would lay off about 190 workers and temporarily idle the No. 3 paper machine, and a digester and recovery […]
Posted inBusiness, Franklin
Verso to lay off 190 workers from Androscoggin Mill
JAY — For the second time in two years, the town and workers at the Verso Androscoggin Mill have received bad news about jobs. Company officials announced Tuesday morning that they will temporarily idle the No. 3 paper machine and lay off about 190 workers. The move is meant to reduce papermaking capacity by about […]
Posted inFranklin, Livermore Falls Advertiser
Jay submits application to get state valuation reduced for 2017
JAY — Town officials mailed an application Wednesday to the state requesting the town’s 2017-18 state valuation be reduced because of the decreased valuation of Verso Androscoggin’s paper mill and associated property. A lower state certified valuation would result in an increased state education subsidy for the town and more revenue-sharing funds from the state […]
Posted inFranklin, Livermore Falls Advertiser
Verso emerges from Chapter 11, wipes out $2.4 billion of debt
JAY — Verso Corp. announced Friday it has emerged from Chapter 11 bankruptcy protection as a much stronger company with significantly reduced debt and a unified capital structure. The Memphis, Tenn.-based company employs 560 people at its Androscoggin Mill in Jay. There will be no changes in operations at the mill as a direct result […]
Posted inBusiness
Verso expected to emerge from Chapter 11 by end of July
JAY — Verso Corp. is expected to emerge from Chapter 11 bankruptcy protection by the end of July. The U.S. Bankruptcy Court in the District of Delaware confirmed Verso’s restructuring plan on Thursday, according to a Verso release. The company and 26 subsidiaries voluntarily entered into bankruptcy protection on Jan. 26 to restructure its debt. Verso has […]
Posted inFranklin, sj-web
Verso to produce new GlazeGuard paper product in Jay
JAY — Verso announced Thursday it will produce its new line of paper products for the food service at the Androscoggin Mill. GlazeGuard is a grease-resistant paper designed for uses such as sandwich and deli wraps, foodservice liners, microwave popcorn bags and laminated food pouches, according to a company statement. Verso plans to produce GlazeGuard on […]
Posted inFranklin, sj-web
Jay certifies $2.2 million tax credit to Verso
JAY — The Board of Assessors voted Thursday to accept a tax abatement certification to the town’s tax collector as written for a total of $2.2 million in tax credit for Verso Androscoggin LLC. It allows the town to ask for recognition this year that the full amount of the tax credit be factored into […]