Paper producer Verso Corp. pulled the trigger and filed for bankruptcy protection on Jan. 26. Verso had been contemplating the move since late 2015, as previously reported by Mergers & Acquisitions. The New York Stock Exchange delisted Verso in September.
Verso filed for Chapter 11 with the U.S. Bankruptcy Court in the District of Delaware. The company hopes that it can facilitate a debt restructuring to strengthen the company’s balance sheet. Verso insists the company has adequate liquidity to remain in business during the restructuring process. The company expects to finalize a $600 million debtor-in-possession (DIP) financing package within one day of the filing.