With concerns about cash flow and overall liquidity, struggling paper business Verso Corp. has hired PJT Partners LP and O'Melveny & Myers LLP as restructuring advisers, and warns that a bankruptcy filing is not out of the question.

The company's advisers are focused on the balance sheet, and Verso is also considering sales of certain mills to raise money. "Our potential restructuring could occur in a consensual, out-of-court manner or through a court-supervised Chapter 11 bankruptcy proceeding," Verso says in a Nov. 16 filing with the U.S. Securities and Exchange Commission.

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