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Sort of got killed here yesterday. Can't believe the 10k due this week will be that bad.
More great news$$$
MEMPHIS, Tenn. (April 13, 2016) – Verso Corporation (OTCPink: VRSZQ), a leading producer of digital coated papers, today announced the expansion of its Blazer Digital® economy digital coated paper line to include 65 lb. gloss and satin covers available in 19” x 13” and 18” x 12” stocking sizes. These new sizes are in stock and readily available.
New product news on VRSZQ today.
Moving forward despite bankruptcy.
I'm not sure. The bankruptcy was filed in the 1st quarter so will not be in the 10 K unless under subsequent events.
But I do feel that VRSZQ is worth a lot more than the current price based on the bankruptcy loan and agreement.
What's your opinion of what Q1 fins will look like? I don't play "Q" stock too much but, I like the what I've seen from doing my DD. For them to get 600M Loan is huge. I think this is worth the "risk" going into the summer and fall and possibly winter.
Couldn't resist getting a few more at .02.
Have a great weekend.
someone got a good deal today! I got no loose $$ :(
News today.....closing of a mill:
http://www.otcmarkets.com/stock/VRSZQ/news/Verso-Announces-Closure-of-Wickliffe--Kentucky-Paper-Mill?id=128769&b=y
At least we went through .0277 resistance on Friday. One can only hope and pray.
Still watching...for any 'signs of life'.
Late filing notice:
http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=11294466
Nope, this stock is a POS and thats it
Anyone looking for any surprises in the 10K due anytime now?
Ok... Thats even better.. I think the 5th was for the conference call listen in...
Because it's a leap year, it's actually due on the 30th...
Where did you get April 5?
Year ends 12/31 and annual "K" to include the 4th quarter is due 90 days later or March 31.
1st quarter ends March 31 and 1st quarter filing is due 45 days later or May 15.
http://www.otcmarkets.com/stock/VRSZQ/profile
April 5th is the Q4...good news will be provided imo!!!!!
Q4 is included in the 10K which is due the end of this month.
Does anyone know when the Q4 2015 earnings report will be released?
Added at .0277.
Get the damn word out there, tweet this stuff on Twitter or a post on facebook. It only takes on investor with the right amount of followers to see something they may have missed and the volume comes in.
VRSZQ DIP FUNDING OF 350 MM PLUS ABLE TO PAY EMOYEES AND RETIREMENT FUNDS.
It was on the Internet can't remember where just under a search for verso news it showed a small drop of about 5% could just be smarter investors seeing a possible move after the news. All this needs is volume. Word about the DIP funds either went unheard/overlooked or underwhelmed. This stock has a future the Q just tends to scare a good amount of people unfortunately.
I agree moonshot! The potential to make a ton of $$$$$ is here!!!
Bankruptcy Court Approves Verso’s First Day Motions
fantastic news, always considered myself a value investor and this is one that i think will rise out of the ashes with this piece of confident news
Waychoff....question about "Also just read an article where shorters...??
Was this on the internet and is there a link or was it a newspaper or journal?
Thanks.
read this, shareholders have a decent chance here... with billions in assets and revs this is definitely a good price to buy
i see continuation to .05 next week
Yes the motion was passed this was a request upon the court the 1st day of hearings and we're approved. S&P has issued 350 MM worth of DIP loans and Cits Bank has been authorizes to administer the funds as needed. Also just read an article where shorters approved are now starting to stay away from VERSO out of fear of it running when volume returns. Some companies file chapter 11 to get rid of their debt and close the doors, other do so with the intent of moving forward with a better business plan after obsolving themselves of debt. These companies are usually very ripe for buyouts once they are somewhat back on there feet. Look as smurfit stone from 2010 for example BK restructured debt then multi billion dollar buyout. Either way VERSO is extremely undervalued short and long term.
News on ETrade last night:
DJ Press Release: S&P Assigns NewPage $350M DIP Term Loans 'B' Ratings
Mar 03, 2016 16:20:00 (ET)
The following is a press release from Standard & Poor's:
-- U.S.-based Verso Paper Holdings LLC and subsidiary NewPage Corp. have
received bankruptcy court approval for their respective debtor-in-possession
(DIP) financing packages.
-- The DIP financing for NewPage includes a $350 million term loan
facility, consisting of a $175 million "new money" term loan and a $175
million roll-up of NewPage's prepetition (pre-bankruptcy) term loan, and a
$325 million asset-backed revolving facility (ABL). The Verso DIP financing
includes a $100 million ABL revolving facility.
-- We are assigning 'B' point-in-time ratings to both the roll-up and new
money loans that comprise the NewPage DIP term loan facility. We are not
assigning a rating to the other DIP facilities. The corporate credit rating on
Verso Paper Holdings LLC remains 'D'.
NEW YORK (Standard & Poor's) March 3, 2016--Standard & Poor's Ratings Services
said today it assigned its 'B' point-in-time rating to both the new money and
roll-up loans that comprise the $350 million DIP term loan facility issued by
NewPage Corp., a subsidiary of Verso Paper Holdings LLC. The corporate credit
rating on Verso Paper Holdings LLC remains 'D'.
The ratings on NewPage's $350 million DIP term loan facility are point-in-time
ratings effective only for the date of this report. We will not review,
modify, or provide ongoing surveillance of the ratings.
"Our ratings assume that no portion of the roll-up loans will be unwound by
the bankruptcy court in connection with any proceeding challenging the
validity, enforceability, extent, perfection, or priority of the liens
securing NewPage's pre-petition term loan," said Standard & Poor's credit
analyst Christopher Andrews.
On Jan. 26, 2016, Verso Corp. and its subsidiaries voluntarily filed petitions
to reorganize under Chapter 11 of the U.S. Bankruptcy Code. On Jan. 27, the
court gave interim approvals for the Verso DIP ABL and NewPage DIP facilities.
On March 2, the bankruptcy court approved final orders for the DIP facilities
and authorized NewPage to obtain the full amount available under the DIP term
loan and ABL facilities.
The DIP facilities preserve the "stand-alone" capital structures that existed
before bankruptcy. None of the NewPage operating subsidiaries guarantee or
pledge their assets to secure the Verso ABL facility, so it is structurally
subordinated to the DIP facilities at NewPage. Similarly, the NewPage DIP
facilities have no recourse to any non-NewPage entities in the enterprise.
RELATED CRITERIA AND RESEARCH
Yes!! With flying colors... Come first quarter reports verso is going to show a profit and we are all in the money!!!!!
Has the court motion passed?
Did everyone on here miss the 350 MM DIP loan approved by S&P once the court motion had passed? S&P backed DIP loan is huge. Once the .03 is slapped this thing is on its way.
Day 1 motions accepted. Let's see if the markets deem it meaningful.
little by little back on her legs.
Well....seems we are moving in the right direction.
Verso Gets Final Court Approval on Bankruptcy Financing
4:29 pm ET March 1, 2016 (Dow Jones) Print
By Peg Brickley
Paper manufacturer Verso Corp. won final court approval of financing designed to ease an effort to eliminate $2.4 billion in debt in chapter 11 bankruptcy.
Loans designed to support both Verso and the former rival it acquired last year, NewPage, provide money for day-to-day operations and money to refinance existing loans attached to the company.
Early in its case, Verso, which filed for bankruptcy protection Jan. 26, won interim approval on financing that addressed its immediate liquidity needs. On Tuesday, Judge Kevin Gross indicated at a hearing in the U.S. Bankruptcy Court in Wilmington, Del., that he would sign off on the financing package once final documents are prepared.
A turn to online channels for publishing and catalogs has hurt Verso's sales of coated paper, pushing the company into talks with senior creditors about reshaping its balance sheet for a tougher business climate.
Creditors wrangled changes in terms of the loans, which carry fees including an estimated $8.25 million for the agent and arranger banks. Paul Kizel, lawyer for Verso's official committee of unsecured creditors, said creditors hope the company can come up with a reorganization strategy that will allow it to exit bankruptcy as a going concern.
However, that reorganization shouldn't come at the expense of the most vulnerable creditors, including trade suppliers that Verso will need if its business is to continue, creditors contend.
Verso's chapter 11 exit outline calls for senior creditors to swap much of their debt for equity in a reorganized business. Junior creditors haven't yet been told what they will be offered under a bankruptcy reorganization plan.
Early in the case, Verso indicated it might be able to offer payment in full to unsecured creditors, which would tamp down the danger that unhappy trade creditors could upset the turnaround effort. However, bond trustees, the Pension Benefit Guaranty Corp., the United Steelworkers and three trade creditors lined up to form a panel to negotiate on behalf of unsecured creditors.
Memphis, Tenn.-based Verso pursued NewPage for years on the theory that combining the two businesses would make them stronger.
(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 peg.brickley@wsj.com
(END) Dow Jones Newswires
March 01, 2016 16:29 ET (21:29 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
So how was the ruling yesterday?
Woohooo!! Chikin dinner!
So, we have another "D-day" tomorrow with the court date.
Don't know about 360. Had to register to get the whole article. I think Montgomery is a hack though if I remember from past articles from him.
I did not hear anything about that... How reputable is 360???
What about this:
Verso Hindered In Quest For $775M DIP Funding Approval
By Jeff Montgomery
Law360, Wilmington (February 25, 2016, 6:29 PM ET) -- Disputes over bankruptcy plan challenge rights and other issues tripped up Verso Corp.’s bid for approval of a $775 million Chapter 11 debtor-in-possession financing deal Thursday, forcing the big paper company and its creditors toward an unplanned argument hearing in Delaware bankruptcy court on Tuesday.
The lack of agreement prompted a nearly three-hour pause in a regular hearing Thursday as lawyers negotiated without full success over objections raised by Verso's committee of unsecured creditors. Although few details were released in court, committee unhappiness over what it said...
http://www.law360.com/articles/763595/verso-hindered-in-quest-for-775m-dip-funding-approval
Just found out that we have approval!!! Awesome..
"Bankruptcy Court Approves Verso’s First Day Motions
The U.S. Bankruptcy Court in Delaware held a hearing today for the final approval of the first day motions* that Verso filed shortly after we began our Chapter 11 reorganization proceeding last month.
It was a very good day for Verso, with substantially all of the 27 items on the hearing agenda being either uncontested or resolved consensually by the parties before the hearing even began. The motions receiving final court approval authorize Verso to continue to, among other things, pay employee salaries, wages and benefits, make qualified retirement plan payments, honor our customer programs, and pay suppliers in the ordinary course of business for goods and services delivered on or after the petition filing date. Final court action on two related motions pertaining to Verso’s debtor-in-possession (DIP) financing package was postponed to next Tuesday, March 1, so that the parties can continue their already productive efforts to resolve the few remaining issues relating to these motions.
The approval of these first day motions provides Verso with a highly desirable “soft landing” in the Chapter 11 reorganization process."
Nothing yet.. Really hoping for some good news!!!!
Johnnie....have you heard anything?
So we might know something tomorrow?
Big volume just hit. Favorable ruling?
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Verso Paper Corp. is a leading North American supplier of coated papers to catalog and magazine publishers. The coating process adds a smooth uniform layer in the paper, which results in superior color and print definition. As a result, coated paper is used primarily in media and marketing applications, including catalogs, magazines, and commercial printing applications, such as high-end advertising brochures, annual reports, and direct mail advertising.
Verso is one of North America's largest producers of coated groundwood paper, which is used primarily for catalogs and magazines. It is also a low cost producer of coated freesheet paper, which is used primarily for annual reports, brochures, and magazine covers. It also produces and sells market kraft pulp, which is used to manufacture printing and writing paper grades and tissue products.
Verso operates 9 paper machines at four mills located in Maine, Michigan, and Minnesota. The mills have a combined annual production capacity of 1,505,000 tons of coated and supercalendered paper, 165,000 tons of ultra-lightweight specialty and uncoated papers, and 930,000 tons of kraft pulp.
Products are sold and marketed to approximately 125 customers which comprise approximately 700 end-user accounts. The company has long-standing relationships with many leading magazine and catalog publishers, commercial printers, specialty retail merchandisers, and paper merchants. Relationships with its ten largest coated paper customers average more than 20 years. Verso products reach end-users through several distribution channels, including direct sales, commercial printers, paper merchants, and brokers.
PR Newswire
MEMPHIS, Tenn., Nov. 16, 2015
MEMPHIS, Tenn., Nov. 16, 2015 /PRNewswire/ -- Verso Corporation (OTCQB: VRSZ) today reported financial results for the third quarter of 2015. Results for the quarters ended September 30, 2015 and 2014 include:
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