Verso Paper Corp. said it’s considering Chapter 11 bankruptcy or selling its mill in Jay as it tries to restructure its finances.
The company is already planning on laying off 300 of its 865 workers at its Androscoggin Mill in Jay by the end of the year.
The Bangor Daily News reported that company said it has started discussions with creditors over its restructuring options and is separately considering selling off certain assets, including the mill in Jay.
“We believe that there is substantial doubt about our ability to continue as a going concern for the next 12 months,” the company said in an earnings statement Monday.
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