Verso news....

[Woodhauler]

Something is happening, Snowstorm you fill us in??  See they defaulted on bond payment!

[ga jones]

You guys have a long road ahead up there. I hope you can stay busy woodhauler.

[snowstorm]

sworn to secrecy is what she told me.  and that it looks alot  like newpage a few yrs ago

[snowstorm]

my prediction is they will file bankruptcy by monday

[chevytaHOE5674]

Our forester told us they are filing Bankruptcy. We were told to not haul anymore wood in until things are reorganized.

[snowstorm]

i sorta know someone .......it hasnt happened yet.........and they are owed enought to buy several new possnes

[snowstorm]

or about 20 new freightliners

[1270d]

2.6 billion in debt!   Wheew

[Pulpwood mafia]

Verso did not direct deposit our check yesterday. The wood buyer said Verso is withholding payments

[snowstorm]

there are or will soon be larger vendors to verso that will be looking for others that verso owes to sort of team up with to share legal cost.

[snowstorm]

its in the bangor paper verso to file chapter 11. this is gonna be a mess

[snowstorm]

Verso did not direct deposit our check yesterday. The wood buyer said Verso is withholding payments

usually if you are considered a critical vendor. you supply raw material or truck there product to market. you do get paid just may take a while. same thing happened with new page a few yrs back

[deastman]

This isnt gonna be good,  I know a big contractor for AFM that told me last fall that 90 percent of his wood goes to Verso in Jay, what are the big contractor's gonna do now?  SAPPI won't be able to take all of the wood now going to Verso.

[grassfed]

All of this has been anticipated since last fall. It is good that they are trying to get Chapter 11. If it was Chapter 13 it would be all over. If they have filed the paperwork there is a fairly good chance that they could get debtor in possession financing and get back to work soon. The Bankruptcy takes a big bite out of their interest cost and they were paying very high interest rates; I saw 11% interest on one of the bonds that they skipped payment.

[snowstorm]

the good in all this would be if they sell the jay mill to a real paper co. and get these investment cos, outout of it

[hanstedtwr]

Rumor here in Wisconsin.....   No payments were made on Friday as Direct Deposit.   Chapter 9 bankruptcy and that was supose to happen on Thursday Late. So now what...... There is also talk of shutting Mills down. What has happened in the Northeast USA???? To me is this a Repeat of New Page a few years back.... I am not a big Producer but we all cut wood because we like the wood and we all like a paycheck!!!!!

[grassfed]

Chapter 9 bankruptcy

It wouldn't be Chapter 9 that is only for municipalities. It will be Chapter 11 or 7. 11 is better because some of the mills would try to keep going; the bond holders would have to agree to take newly issued stock for the bonds that they hold and the stockholders would get nothing. 7 they basically auction everything off and pay back the senior creditors until they run out of money.

[snowstorm]

a repeat of new page.....sure looks like it

[Woodhauler]

no money in my checkbook yet from verso.

[jd540b]

I got paid from them Friday as usual...??

[Corley5]

I just heard that a large local producer is out $100,000.00 for now.  Another guy is wondering whether he'll get paid for the train load he took in last week.

[jocco]

No disrespect grass fed but I thought it was other way around. I have not heard of chapter 9 used to be chapter 12 or 13 one was for farmers but that got done away with. Never see these liquidations pay much off except the lawyers and secure creditors. I will say you are up on your bankrupt proceedings. :D ;D

Chapter 9 bankruptcy

It wouldn't be Chapter 9 that is only for municipalities. It will be Chapter 11 or 7. 11 is better because some of the mills would try to keep going; the bond holders would have to agree to take newly issued stock for the bonds that they hold and the stockholders would get nothing. 7 they basically auction everything off and pay back the senior creditors until they run out of money.

[Woodhauler]

I just heard that a large local producer is out $100,000.00 for now.  Another guy is wondering whether he'll get paid for the train load he took in last week.

My money was in the bank today. Not hauling anymore till this works out.

[lopet]

Not good if you worry about getting paid. I see some chain reactions coming from this multiple bankruptcies.

[lopet]

This may not belong here, but did anybody look at the " baltic dry index " lately ?

No or very few cargo ships on the North Atlantic.