Verso, NewPage Can't Hammer Out Deal

According to Verso, the proposed transaction would have provided NewPage’s first-lien note holders with $1.425 billion of value, consisting of $1.075 billion in new Verso first-lien notes, $150 million in Verso common stock and $200 million in cash. The proposal included a 100 percent recovery in cash to repay NewPage’s debtor-in-possession financing, a 100 percent recovery in cash for the allowed priority and administrative claims in the bankruptcy proceedings, a to-be-determined amount of Verso common stock for the holders of NewPage’s second-lien notes, and a to-be-determined recovery for NewPage’s unsecured creditors.