Paper manufacturer Verso Corp. filed for chapter 11 bankruptcy protection on Tuesday, its business battered by the turn to online channels that drove down demand for its products, the Wall Street Journal reported today. Verso President and Chief Executive David J. Paterson said that the company has worked “to develop a restructuring plan to eliminate $2.4 billion of our outstanding debt” and exit bankruptcy proceedings “in a short time frame.” Memphis, Tenn.-based Verso has been trying to work out a restructuring of its overloaded balance sheet. The maker of coated paper used in magazines and catalogs is carrying more than $2.8 billion in debt and paying interest of more than $270 million annually.
