FILE PHOTO

Verso seeks review of stock delisting decision



FILE PHOTO
The Bucksport paper mill (pictured here) is one of three mills operated by Memphis, Tenn.-based Verso Paper Corp. The company is in danger of being removed from the New York Stock Exchange.

MEMPHIS, Tenn. — The Verso Paper Corp. is in jeopardy of being removed from the New York Stock Exchange (NYSE) listing. Verso officials released a press release last month indicating the exchange’s intention to begin “delisting” proceedings.

In the press release, Verso officials indicated their intention to request that the NYSE Board of Directors review its decision.

On Tuesday, a spokesman in the company’s Memphis corporate office declined to officially confirm if Verso had requested the review.

“Bob (Verso Senior Vice President Robert P. Mundy) has no further comment on the press release. If it says we intend on requesting a review, then that’s what it means,” the spokesman said.

In December 2011, the NYSE notified Verso that it fell below the continued listing standard relating to market capitalization. The standard required Verso to average over $75 million during a 30-day trading period.

On Feb. 6, Verso submitted a plan to achieve compliance within an 18-month period. Verso’s plan exceeded the $75 million for much of the 18-month term, according to the press release.

However, the standard fell to $60.5 million on June 21, the plan’s final day. This resulted in the NYSE notifying Verso about the delisting decision.

Verso officials expect the company’s common stock to be traded on the NYSE during the review process.

Verso produces 1.4 million tons of paper per year with mills in Bucksport, Jay and Quinnesec, Mich.

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Bill Pearson

Bill Pearson

Former Ellsworth American reporter worked at the Piscataquis Observer for 3.5 years before joining the American. The Corinna native served one term on the SAD 48 Board of Directors.