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A corporation that operates two paper mills in the Upper Peninsula announced Tuesday that it’s filing for bankruptcy.
Verso Corporation officials said the company and its subsidiaries have filed voluntary petitions with the U.S. Bankruptcy Court in the District of Delaware to reorganize under Chapter 11 of the U.S. Bankruptcy Code.
The board of directors authorized the filing to facilitate the debt restructuring needed to strengthen the company’s balance sheet and position it for long-term success.
Officials expect the reorganization process to have “virtually no impact” on Verso’s daily business.
Verso operates mills in both Quinnesec and Escanaba.
