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Last $0.13 USD
Change Today +0.005 / 4.17%
Volume 214.0K
VRSZ On Other Exchanges
As of 8:10 PM 10/5/15 All times are local (Market data is delayed by at least 15 minutes).

verso corp (VRSZ) Snapshot

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Day High
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52 Week High
12/31/14 - $3.75
52 Week Low
09/23/15 - $0.03
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Average Volume 10 Days
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Dividend Yield
Current Stock Chart for VERSO CORP (VRSZ)

verso corp (VRSZ) Related Businessweek News

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verso corp (VRSZ) Details

Verso Corporation manufactures and supplies coated papers in the United States. The company offers coated groundwood paper used for catalogs and magazines; and coated freesheet paper used primarily for annual reports, brochures, and magazine covers. It also provides northern bleached hardwood kraft pulp, which is used to manufacture printing and writing paper grades, and tissue products; recycled paper for specific customer requirements; and customized product solutions by producing paper grades with customer-specified weight, brightness, and pulp mix characteristics. In addition, the company offers ultra-lightweight uncoated printing papers, and ultra-lightweight coated and uncoated flexible packaging papers. It serves catalog, magazine, insert, and commercial printing markets through direct sales, commercial printers, paper merchants, and brokers. The company was formerly known as Verso Paper Corp. and changed its name to Verso Corporation in January 2015. Verso Corporation was founded in 2006 and is headquartered in Memphis, Tennessee.

1,630 Employees
Last Reported Date: 03/10/15
Founded in 2006

verso corp (VRSZ) Top Compensated Officers

Chief Executive Officer, President and Direct...
Total Annual Compensation: $1.3M
Senior Vice President of Manufacturing & Ener...
Total Annual Compensation: $770.4K
Senior Vice President, General Counsel and Se...
Total Annual Compensation: $606.4K
Senior Vice President of Sales, Marketing & P...
Total Annual Compensation: $701.9K
Compensation as of Fiscal Year 2014.

verso corp (VRSZ) Key Developments

NYSE Suspends Trading In Verso's Common Stock And Commences Delisting Proceedings

Verso Corporation confirmed that the New York Stock Exchange (NYSE) has suspended trading in Verso's common stock, effective immediately, and has commenced proceedings to delist the stock from the NYSE. The NYSE took this action when the trading price of Verso's common stock decreased to $0.15 per share. The NYSE, in interpreting its continued listing standards, has determined that a trading price of $0.15 or less per share is "abnormally low" and, therefore, is cause for suspension of trading and delisting from the NYSE. Verso's common stock will begin trading in over-the-counter markets effective immediately. The suspension and delisting are unrelated to Verso's business operations and do not constitute a default under any of Verso's credit agreements and debt securities. Verso will continue to file periodic and other reports with the SEC under applicable federal securities laws. As a result of the suspension and delisting, the NYSE will not consider the listing compliance plan that Verso submitted to the NYSE this morning in which Verso sought to demonstrate its ability to achieve compliance with the NYSE's continued listing standard requiring that Verso's average market capitalization be at least $50 million over a period of 30 consecutive trading days. Verso also will not be allowed an opportunity to achieve future compliance with the NYSE's continued listing standard requiring that the average share price of Verso's common stock be at least $1.00 over a consecutive 30-trading-day period.

Verso Corporation Announces Allen J. Campbell as Senior Vice President and Chief Financial Officer, Effective September 21, 2015

Verso Corporation announced that Allen J. Campbell will become its Senior Vice President and Chief Financial Officer effective upon the commencement of his employment with Verso on September 21, 2015. Mr. Campbell comes to Verso from Cooper-Standard Holdings Inc. At Cooper Standard, Mr. Campbell has been the Executive Vice President and Chief Infrastructure Officer since March 2015, and he previously served as the Executive Vice President and Chief Financial Officer from 2005 to March 2015 and in other financial and corporate leadership roles of increasing responsibility from 1998 to 2004. Mr. Campbell previously worked at The Dow Chemical Company from 1980 to 1998 in various financial and accounting positions.

Verso Corporation Announces Plans for Major Reductions in Coated Paper and Pulp Production Capacity and Layoffs of Approximately 310 Employees

Verso Corporation announced that it plans to make major reductions in its coated paper and pulp production capacity by shutting down the No. 1 pulp dryer and No. 2 paper machine at its Androscoggin Mill in Jay, Maine, and indefinitely idling its mill in Wickliffe, Kentucky. Together, these actions will reduce Verso's production capacity by 430,000 tons of coated paper and 130,000 tons of dried market pulp. The company intends to implement these capacity reductions beginning in the fourth quarter of 2015. The company's decision to reduce its production capacity was driven by several factors. North American coated paper demand is in secular decline, down 4.7% in the first half of 2015, following declines of 3.4% and 4.3% in 2014 and 2013, respectively, according to the Pulp and Paper Products Council. The effects on U.S. producers have been made significantly worse by a change in the net trade balance due to the strengthening of the USD relative to foreign currencies, which has resulted in increased foreign imports from Asia, Europe and Canada and decreased U.S. exports. In addition, high operating costs in Maine, especially high energy costs and local property taxes, were contributing factors. The shutdown of the No. 1 pulp dryer and the No. 2 paper machine at the Androscoggin Mill will reduce Verso's production capacity by 150,000 tons of coated paper and 100,000 tons of dried market pulp. In addition, to help mitigate the high energy and other operating costs in Maine and to make the Androscoggin Mill more competitive in the future, the company will optimize the mill's pulp, power and recovery assets. The optimization efforts are expected to take place in the fourth quarter of 2015 and the first quarter of 2016. The company anticipates that the capacity reductions and optimization of the Androscoggin Mill will result in the permanent elimination of approximately 300 jobs. The company expects that the indefinite idling of the Wickliffe Mill will result in the layoff of approximately 310 employees.


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