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Verso Reports Third Quarter Loss

Photo: Brad Veenstra

Nov 14, 2012 at 7:18 am

MEMPHIS, Tenn. (KNSI) Verso Paper Corporation has received a $40 million advance insurance settlement from a Memorial Day explosion and fire at its Sartell mill, and has paid out more than $16 million in severance and benefits to more than 250 displaced workers.

The figures were released in a conference call with analysts and investors Tuesday.

Verso reported a net loss of $104.7 million for the third quarter, which was primarily due to costs associated with closing the Sartell mill.

CEO David Paterson said Verso is evaluating options to sell the mill property. Verso Chief Financial Officer Robert Mundy said that's a process that will likely go through the end of the year.