Coverage: Verso files for Chapter 11 bankruptcy protection JAY — Verso Corp. does not expect to close or sell any of its active mills in its anticipated plan of reorganization under Chapter 11 bankruptcy protection, according to versoco.com. Verso and its subsidiaries filed voluntary petitions Tuesday with the U.S. Bankruptcy Court in the District of Delaware […]
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Posted inBusiness
Apollo-backed Verso preparing for bankruptcy this week
Verso Corp. is preparing to file for bankruptcy protection as soon as this week as a grace period on a missed interest payment nears expiration, according to two people with knowledge of the matter. Verso’s Androscoggin Mill in Jay employs about 560 people after eliminating about 300 jobs. The paper maker, which is backed by […]
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Posted inBusiness
Verso skips bond payment, hopes to restructure debt
Verso Paper Holdings has elected to delay payment on a bond in hopes of renegotiating debt. Verso said Friday it was exercising a 30-day grace period instead of making the payments on two bonds worth $1.34 billion, according to the Wall Street Journal. Also, Verso said its NewPage unit skipped an interest payment Thursday on a […]
Posted inFranklin, Livermore Falls Advertiser
Firefighters douse grease fire at Verso mill in Jay
JAY — Firefighters quickly put out a small grease fire Monday at Verso’s Androscoggin Mill. It was contained in a gear box in a kiln, fire Deputy Chief Corey Leclerc said. “It was a chemical fire,” he said. Verso’s Fire Brigade had the majority of the fire out before Jay firefighters were called in, he […]
Posted inFranklin, Livermore Falls Advertiser
Verso sells 4 hydropower facilities to N.J. company
JAY — Verso paper company announced Thursday that it has sold one of its subsidiaries, Verso Androscoggin Power, which has four hydroelectric generation facilities associated with its Androscoggin Mill, to a New Jersey company. Eagle Creek Renewable Energy bought the facilities on the Androscoggin River for $62 million, according to Verso’s news release. “The sale […]
Posted inFranklin, Livermore Falls Advertiser
Jay selectpersons, school directors discuss financial dillemas
JAY — Regional School Unit 73 Superintendent Kenneth Healey told selectpersons Monday night that with 300 jobs eliminated at Verso paper mill this month, the budget for 2016-17 is going to come down to what services the community can live without. Healey spoke at a joint meeting of selectpersons and the town’s six school directors […]
Posted inFranklin, Livermore Falls Advertiser
Verso workers check out resource fair, trade assistance petition approved
LIVERMORE FALLS — Don Nadeau of Livermore lost his millwright job at the Otis Mill after 33 years when Wausau Paper closed it in 2009. He has held the same position at Verso Corp.’s Androscoggin Mill in Jay for six years. This time he was eligible to take the company’s early retirement incentive package and […]
Posted inFranklin, Livermore Falls Advertiser
Jay voters favor privatizing trash pickup over elimination
JAY — Residents voted Tuesday in favor of having the town contract with an outside company to provide curbside trash and recyclables pickup. The town currently provides the service. The vote was 457-322, Town Clerk Ronda Palmer said. The vote is considered an advisory vote to selectpersons as they look for ways to cut expenses […]
Posted inFranklin
Resource fair scheduled for Verso employees, community in Livermore Falls
LIVERMORE FALLS — A community resource fair will be held to serve Verso workers and the greater community Tuesday, Nov. 10, at Murray Hall on Main Street. The United Way of the Tri-Valley Area, Maine Department of Labor, the Wilton CareerCenter and Western Maine Community Action are collaborating on the fair that will be held […]
Posted inFranklin
State team ready to help Verso workers in Jay
JAY — A state Rapid Response Team is in the process of setting up meetings with Verso Corp. to help Androscoggin Mill workers who will lose their jobs beginning this month. The company announced in August that it will permanently eliminate 300 jobs and shut down a paper machine and a pulp dryer. Verso Corp. […]