The International Association of Machinists and Aerospace Workers, Millworkers File Injunction Against Verso Paper Corp
Dec 16 14
The International Association of Machinists and Aerospace Workers (IAM), District 4 (DL 4) filed an injunction in the US District Court of Maine against Verso Paper Corp., as part of the growing effort to force the company to honor severance commitments to hundreds of employees who will lose their jobs when Verso shutters the Bucksport mill. Verso officials, who stunned the community recently with the closure announcement, claim the law requiring large corporations to provide timely severance does not apply to them. The same officials, however, stand to collect more than $8 million in bonuses in the wake of the closing. Verso plans to sell the Bucksport mill to a scrap recycler that will ultimately lead to the dismantling of the facility that has stood for more 70 years. The closure is estimated to cost the town of 5,000 almost half of its tax revenue, but the effect will be far reaching, with many employees living more than 75 miles from the mill.
Union Sues Verso in Effort to Block Sale of Bucksport Mill
Dec 15 14
local chapter of a union sued the owner of the Verso Paper mill and the scrap metal recycling firm buying the now idled facility in an effort to block the sale. Local Lodge 1821 of the International Association of Machinists filed the complaint in U.S. District Court in Bangor. The union is seeking a court injunction against Verso, claiming the way that Verso has reached an agreement to sell the mill property to AIM Development has violated the Sherman Antitrust Act. Among other things, the injunction would require Verso to more aggressively solicit offers from companies that would continue to operate the mill as a paper making facility.
Verso Paper to Lay Off Workers from Bucksport Mill
Nov 17 14
More than 500 workers who will lose their jobs when Verso Paper's Bucksport mill closes in December will qualify for federal help with training. Verso announced Oct. 1 that it planned to close the mill by Dec. 1. It has not announced a buyer for either its mill or power generation assets on site.
Verso Paper Corp. Announces Earnings Results for the Third Quarter and Nine Months Ended September 30, 2014
Nov 13 14
Verso Paper Corp. announced earnings results for the third quarter and nine months ended September 30, 2014. For the quarter, the company reported net sales of $350,227,000 against $374,876,000 a year ago. Operating income was $14,547,000 against $24,652,000 a year ago. Loss before income taxes was $36,164,000 against $9,772,000 a year ago. Net loss was $35,558,000 against $9,783,000 a year ago. EBITDA was $23.6 million. Adjusted EBITDA before pro forma effects of profitability program of $40.5 million in the third quarter of 2014, compared to $50.6 million in the third quarter of 2013
For the nine months period, the company reported net sales of $970,256,000 against $1,038,481,000 a year ago. Operating loss was $29,965,000 against income of $15,036,000 a year ago. Loss before income taxes was $169,594,000 against $91,180,000 a year ago. Net loss was $169,007,000 against $91,200,000 a year ago. EBITDA was $11.5 million against $90.9 million a year ago.
Verso Paper Corp. to Report Q3, 2014 Results on Nov 13, 2014
Oct 17 14
Verso Paper Corp. announced that they will report Q3, 2014 results at 9:00 AM, Eastern Standard Time on Nov 13, 2014