Please ensure Javascript is enabled for purposes of website accessibility
Home / Commercial Real Estate / Verso restructuring could include sales of Duluth, Stevens Point mills (UPDATE)

Verso restructuring could include sales of Duluth, Stevens Point mills (UPDATE)

DULUTH, Minn. (AP) — Verso Corp. says it may sell some of its mills, including those in Duluth, Minn., and Stevens Point, Wis., as part of a restructuring.

The paper maker said in its third quarter earnings that it is exploring opportunities to raise funds through potential sales of certain mills, including Duluth, Stevens Point, Wickliffe in Kentucky and the Jay facility in Maine. The Kentucky mill is already idle and the Maine facility recently cut production.

Verso is reporting a net loss of $11 million in the third quarter. It blames sales declines on an increase in offshore imports and reduced demand for coated paper. The company says restructuring could include Chapter 11 bankruptcy.

WDIO-TV reports the Duluth mill has nearly 300 employees.

Copyright 2021 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Leave a Reply

Your email address will not be published. Required fields are marked *

*