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Financials Look Bleak For Verso

November 28th, 2015 by WCBC Radio

The Verso Corporation, which owns the Luke paper mill, announced in its third quarter statement that it is either on the verge of bankruptcy or a major restructuring due to current revenue declines and projected insufficient cash flows for 2016. Verso announced Nov. 16 that it has hired restructuring experts to work with the corporation as it moves into the new year. Despite the announcement, Verso's net sales for the third quarter of 2015 actually increased by $432 million, or 123 percent, compared to the third quarter of 2014. The company said, however, that increase was due primarily to the addition of net sales resulting from the NewPage acquisition. 

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