Verso Corporation Announces Order Moratorium

The American Forest & Paper Association released the November 2024 Printing-Writing Monthly report. According to the report, total printing-writing paper shipments decreased 6% in November compared to November 2023. U.S. purchases of total printing-writing papers increased 2% in October compared to the same month last year. Total printing-writing paper inventory levels increased 1% when compared to October 2024. November year-to-date (YTD) total U.S. shipments grew 2% compared to the same period last year. UFS and CFS shipments increased by 0.1% and 7% YTD, respectively. MECH shipments however, decreased 2% YTD.

On September 19, 2017, the Receiver of Appleton Coated LLC conducted a going concern auction of the Company’s assets. The auction was the culmination of a comprehensive marketing effort to find a buyer. As part of the sale and marketing process, the Receiver requested that all potential buyers agree to hire substantially all of Appleton Coated’s employees as part of any purchase agreement. Unfortunately, none of the qualified bidders that attended the auction were in a position to agree to that request. The Receiver will ask the Court overseeing the receivership proceeding to approve the highest and best offer he received for the Company’s assets on Friday, September 22, 2017 in Outagamie County Circuit Court. Due to the auction results, the Receiver must immediately wind down the Company’s business operations beginning Wednesday September 20th and lay off substantially all of the employees of Appleton Coated. A limited number of employees will remain to ensure that the Company’s assets are properly maintained for the new owner until the proposed closing of the sale on September 29, 2017. Orders for stock product will continue to be accepted. Manufacturing orders that have been produced but not yet shipped, will be shipped. Manufacturing orders that have been accepted, but not yet produced, will be reviewed with new ownership to determine whether they will be produced and shipped. New manufacturing orders will not be accepted at this time.

Sappi increases prices for its LWC and MWC grades prices by 6-8% from July 1st 2018 for all markets due to continued cost increases and strong demand. This follows previous announcements made for its woodfree coated and woodfree uncoated grades.