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Verso Disclosure Statement Approved

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The U.S. Bankruptcy Court approved Verso’s Disclosure Statement related to its Third Amended Joint Chapter 11 Plan of Reorganization.

As previously reported, “On the Effective Date, the principal amount of total indebtedness of the Reorganized Debtors is expected to be approximately $350 million to $425 million, representing the outstanding amounts under the Exit Credit Agreements….Specifically, Holders of Allowed Verso First Lien Claims (i.e., Claims arising under the Verso 2012 First Lien Notes, Verso 2015 First Lien Notes, and the Verso Cash Flow Credit Agreement), will receive 50% of Reorganized Verso’s equity (plus warrants to purchase additional equity), Holders of NewPage Roll-Up DIP Claims and NewPage Term Loan Claims, collectively, will receive 47% of Reorganized Verso’s equity, Holders of Verso Senior Debt Claims (i.e., Claims arising under the Verso 1.5 Lien Notes, the Verso Second Lien Notes, and Verso Old Second Lien Notes) will receive 2.85% of Reorganized Verso’s equity, and Holders of Verso Subordinated Debt Claims will receive the remaining 0.15% of Reorganized Verso’s equity.”

Court-filed documents continue, “Holders of Allowed General Unsecured Claims against Asset Debtors will receive their pro rata share of $3 million in Cash under the Plan.” The Court previously scheduled a June 23, 2016 hearing to consider the Plan, with objections due by June 13, 2016. Read more Verso bankruptcy news.

The post Verso Disclosure Statement Approved appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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