Member access

4-Traders Homepage  >  Shares  >  Nyse  >  Verso Corp    VRS   US92531L1089

VERSO CORP (VRS)

5
SummaryQuotesChart AnalysisNewsCalendarCompanyFinancials 
News SummaryMost relevantAll newsSector news 
The feature you requested does not exist. However, we suggest the following feature:

Verso : Bucksport mill sale to scrap metal company complete, Verso official says

01/30/2015 | 01:42pm US/Eastern

Jan. 30--BUCKSPORT, Maine -- Despite a flurry of legal action and the hopes of millworkers who wanted to continue making paper, the sale of the Verso Paper mill to a subsidiary of scrap dealer American Iron and Metal has been completed, a company spokesman confirmed Friday.

"The sale has closed," Verso spokesman Bill Cohen said in an email.

The sale price to AIM Development was $58 million, according to earlier published reports.

The International Association of Machinists, which represented 59 workers at the mill, filed a lawsuit against Verso and AIM in December, alleging Verso violated antitrust regulations by ignoring inquiries from other paper companies so it could reduce competition in the North American coated paper market.

U.S. District Judge John Woodcock, however, disagreed when he issued a 73-page ruling earlier this month saying lawyers for the machinists union "have not met their burden to demonstrate a strong likelihood of success on the merits of their claims."

With the mill's closure and sale, about 500 employees were left without jobs. Another 50 to 60 workers affiliated with the mill's power generation facilities were expected to remain employed. In testimony filed with the court, Jeff McGlin, AIM's U.S. vice president for development, wrote that AIM has hired an outside contractor to run the power assets through the first part of 2015.

AIM confirmed in court documents it has some interest in using the mill site as a permanent recycling facility for its deepwater port access. The testimony before Woodcock indicated the company expects it would be ready to sell salvaged metal from the mill about six months after closing the sale.

On Friday morning, Bucksport Town Manager Derik Goodine and Development Director Dave Milan were at a meeting at the former Verso mill and were not immediately available for comment.

Town Councilor Byron Vinton said he is glad AIM representatives so far seem willing to talk to Bucksport officials about the future of the mill.

"We're looking forward to working with them," he said. "They're the owners of the property now. We acknowledge that. We're looking forward to getting the best solution for Bucksport."

It would be great, Vinton said, if that solution includes working things out with one of the paper companies that have expressed interest in purchasing and continuing to operate the mill.

"We'll have to see what time brings," the councilor said. "At least now we know who we're dealing with. For the last several months, we've been the odd man out. We haven't had a lot of success communicating with Verso. Now we know who the owner is so we can work with them. All we ask is the opportunity to put our thoughts into the mix."

AIM owner Herb Black, contacted on his cellphone Friday morning, said he was in Arizona for the Super Bowl this weekend and could not speak to a reporter until Tuesday.

Watch bangordailynews.com for updates.

___

(c)2015 the Bangor Daily News (Bangor, Maine)

Visit the Bangor Daily News (Bangor, Maine) at www.bangordailynews.com

Distributed by Tribune Content Agency, LLC

© Acquiremedia 2015

React to this article
Latest news on VERSO CORP
01/30 VERSO : Bucksport mill sale to scrap metal company complete, Verso official says
01/27 VERSO : Jay panel votes to pursue lease for French Falls land
01/21 VERSO : Union asks federal judge to reconsider dismissal of lawsuit over severan..
01/21 VERSO : Union asks federal judge to reconsider dismissal of lawsuit over severan..
01/20 VERSO : Maine mill buyer skeptical of firms that want to reopen it
01/16 VERSO : Was there another possible bidder for Bucksport mill? Questions linger i..
01/16 VERSO : completes NewPage buy; Catalyst gets Rumford mill and another for $62.4 ..
01/16 VERSO : Judge dismisses severance pay claims against Verso
01/15 MOODY : Credit rating firm upgrades Verso debt
01/14 VERSO : United States v. Verso Paper Corp. and NewPage Holdings Inc. Proposed Fi..
Advertisement
Chart
Duration : Period :
Verso Corp Technical Analysis Chart | VRS | US92531L1089 | 4-Traders
Income Statement Evolution
More Financials
Dynamic quotes  
ON
| OFF