JAY – Concerning news from Verso Paper Corporation today regarding the future of the Androscoggin Mill in Jay.
In an earning statement released on its website today, Verso officials say “We believe there is substantial doubt about our ability to continue as a growing concern for the next 12 months”.
The statement also indicates the company is looking at restructuring options noting they anticipate not having the resources to fund future cash obligations. In exploring alternatives, the company is considering the idea of selling the Androscoggin Mill and its hydroelectric generation facilities.
Earlier today, the Maine Pulp and Paper Association responded to the latest news from Verso. Officials there saying it was critical for policy makers to address the need for efficiency improvements and capital investment in the industry.
The news comes on the eve of a major pulp and paper summit occurring in Bangor tomorrow.
Tomorrow also is the day that bids for the Lincoln Paper and Tissue will be opened as part of that mill’s bankruptcy process.