MIAMISBURG, Ohio, Sept. 21, 2017 /PRNewswire/ -- Verso
Corporation (NYSE: VRS) today announced that its board of
directors, as part of its ongoing efforts to maximize stockholder
value, has formed a Strategic Alternatives Committee comprised of
independent directors Eugene I.
Davis, Alan J. Carr and
Steven D. Scheiwe, with Mr. Davis
serving as chairperson. The committee, with the assistance of
Houlihan Lokey Capital, Inc., the company's financial advisor, will
lead Verso's continuing efforts to identify and evaluate a range of
potential strategic transaction alternatives, including the
possible sale of some Verso mills, engage in discussions and
oversee the due diligence process with parties potentially
interested in transactions with the company, and recommend to the
board whether any proposed transaction is in the best interests of
the company and its stockholders.
"Verso is committed to exploring strategic transaction
alternatives, and the committee will facilitate this process," said
Verso Chairman of the Board Rob Amen. "The committee is charged
with proceeding expeditiously, but will evaluate alternatives
carefully for their ability to provide superior value to Verso's
stockholders."
There is no assurance that the review of strategic alternatives
will result in any transaction or other strategic
alternative. Verso does not intend to make any further
disclosure concerning these matters until a definitive transaction
agreement is reached or a determination is made that none will be
pursued.
About Verso
Verso Corporation is the turn-to company for those looking to
successfully navigate the complexities of paper sourcing and
performance. The leading North American producer of printing and
specialty papers and pulp, Verso provides insightful solutions that
help drive improved customer efficiency, productivity, brand
awareness and business results. Verso's long-standing reputation
for quality and reliability is directly tied to our vision to be a
company with passion that is respected and trusted by all. Verso's
passion is rooted in ethical business practices that demand safe
workplaces for our employees and sustainable wood sourcing for our
products. This passion, combined with our flexible manufacturing
capabilities and an unmatched commitment to product performance,
delivery and service, make Verso a preferred choice among
commercial printers, paper merchants and brokers, converters,
publishers and other end users. For more information, visit us
online at versoco.com.
Forward-Looking Statements
In this press release, all statements that are not purely
historical facts are forward-looking statements within the meaning
of Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934. Forward-looking statements may be
identified by the words "believe," "expect," "anticipate,"
"project," "plan," "estimate," "intend," "potential" and other
similar expressions. Forward-looking statements are based on
currently available business, economic, financial, and other
information and reflect management's current beliefs, expectations,
and views with respect to future developments and their potential
effects on Verso. Actual results could vary materially depending on
risks and uncertainties that may affect Verso and its business.
Verso's actual actions and results may differ materially from what
is expressed or implied by these statements due to a variety of
factors, including those risks and uncertainties listed under the
caption "Risk Factors" in Verso's Form 10-K for the fiscal year
ended December 31, 2016 and from time
to time in Verso's other filings with the Securities and Exchange
Commission. Verso assumes no obligation to update any
forward-looking statement made in this press release to reflect
subsequent events or circumstances or actual outcomes.
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SOURCE Verso Corporation