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Verso Plan Modified

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Verso filed with the U.S. Bankruptcy Court a First Modified Third Amended Joint Plan of Reorganization.

According to documents filed with the Court, “Under the Plan: Holders of Allowed Administrative Expense Claims, Priority Tax Claims, and Priority Non-Tax Claims are paid in full; Holders of Allowed Claims based on funded indebtedness receive 100% of the New Common Stock of Reorganized Verso Corporation, with such stock distributed 50% to Holders of Verso First Lien Claims, 47% to Holders of NewPage Roll-Up DIP Claims and NewPage Term Loan Claims, 2.85% to Holders of Verso Senior Debt Claims, and 0.15% to Holders of Verso Subordinated Debt Claims, in each case subject to dilution caused by the Plan Warrants and the Management Incentive Plan; Holders of Allowed General Unsecured Claims Against Asset Debtors receive their pro rata distribution of $3 million in Cash.”

Read more Verso bankruptcy news.

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