Verso Paper Corp. (fka VRSZQ)

[wiltonio]

Mudrick Capital Management, L.P. has filed a new activist 13D, reporting 15.3% ownership in $VRSZ - https://fintel.io/soh/us/vrsz/mudrick-capital-management and https://fintel.io/i/mudrick-capital-management

[Renee]

Any new shares must have a new CUSIP. The VRSZQ shares under that specific CUSIP no longer exist.

FINRA has not yet posted any new ticker symbol for Verso Paper Corp.

[Stanner]

VRSZQ~yes. these shares are under the VRSZQ ticker and are not the newly issued shares of VRSZ

[Renee]

No shares traded after 10:21:56 Eastern Standard Time. If a Market Maker mistakenly processes trades after 10:21:56 those trades must be reversed.

[Stanner]

VRSZQ~so are these the new shares trading_?_Doesn't quite make sense. must be old shares

[Renee]

VRSZQ: Bankruptcy PLAN effective. All shares cancelled at 10:21:56.

http://otce.finra.org/DLDeletions

[Johnnie2504]

Verso out of bankruptcy and not going to cancel stock. Time to skyrocket!

[Stanner]

VRSZQ~so much for my two cents worth_another_volume window

[Stanner]

VRSZQ~Isreal,I'm a mod here at VRSZQ.I am no longer invested in VRSZQ.The last 8-k says commons will be extinguished.

However there may be a $3 million dollar pool to clear remaining shareholders. I had difficulty with that part of the 8-k,so for me I chose not to trade VRSZQ any more.


Unless you are a seasoned trader,well even if you are,I would still avoid now, as there was a volume window created last week_?_ ,but imo its done with.

[Stanner]

VRSZQ~well one could interpret some 'wiggle' of hope.$3 million worth_?_

[BeeDoubleU]

Someone still buying here.. Smh

[Stanner]

VRSZQ~'Equity Securities to be Authorized, Issued and Reserved for Issuance After Emergence
Verso currently has 81,822,507 shares of common stock, par value $0.01 per share, issued and outstanding. On the Effective Date, all outstanding shares of Verso’s common stock will be cancelled and extinguished.'


source:(8-k) 6/24/2016

[Stanner]

VRSZQ~fair is fair here_VRSZQ_is a speculation BK' play_!$$$!_

not that many shares involved

[MonstaGains]

HUGE! $595 million in financing!

[willlbone]

Say goodbye to your shares. Equity is the first thing they take away.

[BCNstocks]

Agreed. There is nothing stating that commons are not intact. Ridiculous

[Trades Mcgrady]

I must be the only one thinking this should be going parabolic right now..

[BCNstocks]

This article is from April 2016 and cannot be found on any sites without a link through to WSJ password protected. So copy and paste the article:

I think the quote about commons being cancelled was in this article, you need a wall street journal subscription to read it

www.wsj.com/articles/verso-equity-payout-wont-provide-large-creditor-recoveries-1461880305?mod=yahoo_hs

[BCNstocks]

It will. Nice, large buys were hitting in the .023 - .024 range when someone posted on here a question about commons and then someone tried to block .02 (hmmmmmm...funny how that happens). That block was removed and bids are starting to stack.

[The Rainmaker]

I think the quote about commons being cancelled was in this article, you need a wall street journal subscription to read it

http://www.wsj.com/articles/verso-equity-payout-wont-provide-large-creditor-recoveries-1461880305?mod=yahoo_hs

[MADDSTACKER]

Should be seeing more volume ...

[BCNstocks]

I checked. It does NOT state that commons will be canceled. What it does state is the following:

Verso's restructuring will reduce the company's debt by approximately $2.4 billion upon emergence. Verso expects to emerge from bankruptcy with $595 million in exit financing to support ongoing operations and capital investments. The exit financing will consist of an asset-based lending facility with borrowing capacity of up to $375million led by Wells Fargo Bank, National Association, and a $220 million term loan facility with available loan proceeds of $198 million led by Barclays Bank PLC.

$VRSZQ

[MADDSTACKER]

Doesn't say that ... Shit I don't know

[The Rainmaker]

Commons cancelled?

CerealManStocks Thursday, 04/28/16 04:49:11 PM
Re: nathanial post# 1231
Post #
1232
of 1248 Go
Quote from that article. Plan still has to be accepted May 9.


Quote:
The plan proposes to cancel current equity holders' shares, and they would be left empty handed.

[MADDSTACKER]

VRSZQ REORGANIZATION CONFIRMED

[Johnnie2504]

Verso gets court approval to reject contract with EXPERA and sell directly to customers!!! Awesome.. Go Verso$&

[skizimus]

so when they wipe out common shares I assume we will be blinking at a couple of dashes where our share numbers once were LMAO... just great. at least they were free ones. I got out of that situation one day before it happened once LMAO.

[Stanner]

VRSZQ~DJ Paper Maker Verso to Poll Creditors on Bankruptcy-Exit Plan

Last update: 09/05/2016 9:52:42 am


By Peg Brickley


Verso Corp. won court approval Monday to poll creditors on a bankruptcy-exit plan designed to get its balance sheet in line with the lower demand for paper in an era of digital information delivery.

Many creditors have already lined up to support the restructuring of the country's largest maker of coated paper stock even though it means a recovery of pennies on the dollar for more than $700 million worth of debt. Verso filed for bankruptcy in January with more than $2.4 billion in debt.

If the chapter 11 workout plan is approved at a late June confirmation hearing, Verso is poised to exit chapter 11 in July, court papers say.

Confirmation hearings could see some arguments over what the company is worth, lawyers for some bondholders that support Verso's plan said Monday. The potential dispute affects the value of some of the warrants being offered to creditors in the debt-for-equity swap embodied in the plan, said Thomas Kreller, lawyer for Verso's first-lien lenders.

Verso's lawyer said it is likely the dispute will be resolved by talks before the confirmation hearing. The company's valuation analysis puts a value of about $700 million on the new common stock and warrants that are the chief currency for paying off creditors,

Judge Kevin Gross approved chapter 11 plan voting materials at a hearing Monday in the U.S. Bankruptcy Court in Wilmington, Del., noting the cooperation and compromise that went into coming up with a survival strategy for the debt-laden company.

Verso enlisted the support of the official committee of unsecured creditors in April by offering $3 million in cash, as well as a pledge to spend tens of millions of dollars on "critical trade" debts, bills from vendors necessary to Verso's future success.

A problem-plagued acquisition of former rival New Page, a sharp decline in demand for coated paper products and a significant increase in foreign imports rendered Verso unable to sustain an annual interest expense of more than $270 million, according to chapter 11 plan materials.

New Page was in bankruptcy itself when Verso began pursuing it, but Verso wasn't able to close a deal until January 2015, years after New Page emerged from chapter 11 protection. The need to come to terms with antitrust regulators added to the delay in getting to a deal that Verso said would improve its competitive position.

Now equity is being taken from shareholders to appease Verso's creditors and allow the company to continue to operate.

Under the chapter 11 plan, investors in Verso's first-lien debt, a group owed $1.18 billion, are getting about half the restructured company. A 47% stake in the restructured company is going to lenders to NewPage, including lenders that helped finance the bankruptcy, who are being paid in full. NewPage's term loan lenders, owed about $576 million, will get about 24 cents on the dollar, according to estimates in voting materials.

Holders of Verso's senior bonds and subordinated debt will get less than 3% of what they are owed, while general unsecured creditors are expected to receive about nine cents on the dollar, plan documents say.

The Memphis, Tenn., company owns paper mills in Maine, Maryland, Michigan, Minnesota and Wisconsin. A mill in Kentucky was closed in April.

-Jacqueline Palank contributed to this article.

(Dow Jones Daily Bankruptcy Review covers news about distressed companies and those under bankruptcy protection. Go to http://dbr.dowjones.com)

Write to Peg Brickley at [e-mail]


(END) Dow Jones Newswires

May 09, 2016 12:52 ET (16:52 GMT)

Copyright (c) 2016 Dow Jones & Company, Inc.

[Stanner]

VRSZQ~On Monday, a bankruptcy judge is scheduled to look over a debt repayment plan from paper manufacturer Verso Corp. that offers little for some creditors.

Officials who put Verso into chapter 11 protection in January are proposing to secure between $600 million and $650 million in exit financing to pay for the company's emergence from bankruptcy.

Verso officials blamed the company's financial problems on the rise of digital media that has slashed demand for the magazines, catalogs and other publications that rely on Verso-made paper. They had reached a secured a deal with key creditors that would trade some $2.4 billion in debt for equity in the restructured company.

Court papers show that the holders of Verso first-lien debt, a group owed $1.18 billion, can expect to recover 30% of their claims via the 50% stake in the restructured company they would get under the restructuring plan. A 47% stake in the restructured company would go to lenders to NewPage, the former rival that Verso acquired last year. That includes the lenders that provided bankruptcy financing to NewPage, whose $184.48 million in claims are slated to be repaid in full, as well as NewPage's term loan lenders, whose recovery on $576.39 million in claims will come out to about 24 cents on the dollar.

But several groups of creditors would see recoveries of pennies on the dollar. The holders of Verso's senior bonds, owed $581.36 million, are set to get a 2.85% stake in the restructured company, which amounts to three cents on the dollar. Subordinated debt holders owed $112.84 million would get a 0.15% equity stake, for a recovery of 0.9%.

The company says its restructuring plan won't only slash its debt load but also will allow it to complete the integration of NewPage into Verso and will preserve the jobs of its employees, who numbered more than 5,000 as of the end of last year.


--Lillian Rizzo, Patrick Fitzgerald and Jacqueline Palank contributed to this article.


Write to Katy Stech at [e-mail]


(END) Dow Jones Newswires

May 06, 2016 12:35 ET (16:35 GMT)

[skizimus]

no it does not look good at all. fun while it lasted.

[Johnnie2504]

I just read that Verso plans on getting back on the New York Stock Exchange soon but it will take at least 400 people to have 100 or more shares to qualify. Once that happens all of us should be in a good place to make a lot of money!!! I'm a pick up some more shares this slow soon as I can...! GLTA.. Go Verso!!!

[gm99]

VRSZQ, reversing, going to Multi-pennyland soon. Very thin!!!

[Stanner]

VRSZQ~well its not taxes.could be a signal of some kind. I agree that it has something to do with shareholders.

[Johnnie2504]

Right.. Maybe they just released those shares so when they announce something in the share price goes up and people start cashing in it won't hit them as much on the financial side?

[Stanner]

VRSZQ~And how come now_&_How come all together_&_had to have owned more shares than that,even at $3 or $1 dollar.Must mean something is up IMO.Don't know what it could be though.

[Johnnie2504]

Right... Thats odd..

[Stanner]

VRSZQ-Brass sure didn't own very many shares.

[Johnnie2504]

Brass sold shares? Should we sell ours???

[Stanner]

VRSZQ-Form 4s'-Brass sold their shares.

[nathanial]

Yeah, I saw that. Doesn't look good. There are not that many outstanding shares so how about giving us a break.

[CerealManStocks]

Quote from that article. Plan still has to be accepted May 9.

The plan proposes to cancel current equity holders' shares, and they would be left empty handed.

[nathanial]

More news today on ETRade.

[nathanial]

Seems that we have had a streak of decent news here lately. Need some volume.

[skizimus]

wow thanks!

[nathanial]

That would be amazing!

[C-Money365]

http://www.commercialappeal.com/business/public-corporations/Verso-could-emerge-from-bankruptcy-in-July-377274531.html

[CerealManStocks]

Surprised this is actually holding up above .01. I thought there would be a chance to get .008's.

I'm loving this play at the moment. The last 2 PRs have been good news. I'm curious if there will be any objection to the organization plan.

[nathanial]

Pretty good.

Town of Jay and Verso Reach Agreement in Property Tax Dispute

PR Newswire

JAY, Maine, April 25, 2016

JAY, Maine, April 25, 2016 /PRNewswire/ -- The Town of Jay, Maine, and Verso Corporation (OTCPink: VRSZQ) have reached an agreement to resolve their dispute concerning property tax assessments for Verso's Androscoggin Mill. In exchange for the Town's agreement to reduce Verso's property tax liability to more accurately reflect the assessed value of the mill property, Verso has agreed to withdraw its pending property tax appeals, and not to seek further abatements of taxes absent material changes to the mill property or operations. This agreement is intended to allow both parties to achieve sustainable operations over the coming years based on changing circumstances concerning the mill's taxable value. The reduction in the mill's property tax liability will be paid over time by the Town as credits against Verso's future tax bills. This agreement is subject to approval by the Town's select board and the bankruptcy court overseeing the Verso bankruptcy cases. The Town and Verso are pleased to have reached this agreement as part of a mutual effort to support the long-term viability of the Androscoggin Mill, which is an important goal of both parties.

[skizimus]

more news late yesterday.

[nathanial]

10K is out:

http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=11319389