NewPage Closes Door on Verso’s Business Combination Proposal

During these discussions, an ad hoc group of second lien note holders presented to an ad hoc group of first lien note holders an unsolicited proposal to combine NewPage and Verso Paper. After thoroughly evaluating this proposal, NewPage determined that the combination posed significant downside risks to its stakeholders, employees and business. The company has also been advised that the first lien note holder group did not support the proposal. Accordingly, NewPage does not anticipate further discussions regarding this proposal.