To save its dwindling paper production business, Verso Corporation said it might sell off its Duluth mill to raise funds after a $111 million loss in its third quarter, the Twin Cities Business Magazine reported today. Following a $1.4 billion acquisition last year for its rival NewPage, Tenn.-based Verso has struggled to make a profit. The company has been burdened by declining demand, energy costs and high property taxes, which resulted in a $511 million loss for Verso in the last 12 months ending September 30. Verso said that it believes “that there is a substantial doubt about our ability to continue.” It will consider “restructuring alternatives” through either the sale or idling of certain mills. Another alternative, the company said, is a chapter 11 bankruptcy filing.
