Verso Corp. announced Thursday that it will lay off 300 workers in Jay, citing declining demand for coated paper as well as high energy costs and local property taxes. The jobs will be eliminated by year's end, Verso said.Read more
PORTLAND, ME, May 7, 2015 (Bangor Daily News) -Managers of the shuttered Great Northern Paper mill were ordered in February to pay $9.2 million to a natural gas supplier, with half the payment covering fuel the East Millinocket mill owners promised to buy, but never did.
The arbitration award granted by attorney Peter DeTroy stems from an agreement the mill owners reached in 2012 to buy compressed natural gas delivered by truck from the Massachusetts-based Xpress Natural Gas, or XNG.Read more
International Paper, located in the Washington County town of Ticonderoga, has a contract with NG Advantage LLC, based in Colchester, Vt., to supply natural gas via truck for up to a year, said IP spokeswoman Donna Wadsworth.Read more
OAKLAND, CA, Dec. 8, 2014 (RISI) -Verso Paper LLC and Verso Maine Power Holdings, each an indirect, wholly owned subsidiary of Verso Paper Corp., on Dec. 5 entered into an agreement to sell Verso Bucksport Power LLC to AIM Development for approximately $60 million in cash.
In an SEC filing on Dec. 8, Verso said it anticipates that the transaction will be completed in January 2015.Read more
A sharp contraction in mill capacity is reducing paper supply in North America and triggering price increases for high-end paper products. It has also wiped out hundreds of jobs in communities that - like Port Hawkesbury - depend on paper mills.Read more
Prince Albert Mayor Greg Dionne said he had heard that the fuel they were burning wasn't great so he isn't entirely surprised by the news.Read more