Verso files for bankruptcy

The company that idled its mill in Wickliffe and laid off 310 hourly employees last year has filed for chapter 11 bankruptcy protection. Verso’s president and CEO says the company needs to eliminate $2.4 billion in outstanding debt.

The Associated Press reports the Memphis-based company said Tuesday the bankruptcy filing is intended to help the company restructure debt. Verso President and CEO David J. Paterson says in a statement it would result in the holders of its funded debt receiving Verso equity.

Verso says it does not expect to close any more mills, according to the Associated Press, though it says it will "continue to evaluate its mills to ensure that they are operating as efficiently as possible."

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