Bankruptcy Judge Kevin Gross yesterday confirmed Verso Corp.’s bankruptcy reorganization plan, clearing the way for the beleaguered papermaker to emerge from bankruptcy, the Portland (Maine) Press Herald reported today. The confirmation order was signed less than five months after Verso and its subsidiaries filed for chapter 11 protection in late January. If Verso follows the reorganization plan as written, all of its pre-bankruptcy debts will be erased. New common stock will be issued to creditors that were owed money by Verso and its NewPage subsidiary before the bankruptcy. When that happens, Verso also must take the necessary steps to have its shares once again listed on the New York Stock Exchange. Verso’s stock was delisted in September because its share price fell below the required $1 minimum.
