Verso Corp. is preparing to file for bankruptcy protection as a grace period on a missed interest payment nears expiration, the Memphis (Tenn.) Commercial Appeal reported today. The Memphis paper maker, which is backed by Apollo Global Management LLC, missed payments owed to two sets of creditors earlier this month. The five-day grace period for skipping the amount owed to some lenders expires today. Verso is seeking approval from the creditors on a bankruptcy plan that would convert almost all of the company's $2.8 billion of debt into equity, cutting the company's debt load.
