Jay paper mill owner files for Chapter 11 bankruptcy
Verso Corp., owner of a paper mill in Jay, filed for Chapter 11 bankruptcy protection after coming up short on plans to reconstruct its business outside of bankruptcy court.
The company claimed between $1 billion and $10 billion in debts and assets, according to the bankruptcy filing.
According to The Bangor Daily News, the bankruptcy filing comes at a time when the Tennessee-based paper manufacturer that owns the Jay mill was trying to weather a $1.4 billion leveraged buyout of NewPage, one of its leading competitors. As part of the buyout, the company had to sell one of its mills in Rumford earlier in the year.
Verso currently owns eight mills in six states that have a combined yearly capacity of around 3.2 million tons of paper.
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