Verso Paper rescheduled its special stockholders meeting from July 30 to Aug. 12 to allow additional time to provide stockholders with information about the company’s debt exchange, a key step in its intended acquisition of rival NewPage Holdings.
The Tennessee-based paper company is attempting to buy NewPage in a $1.4 billion deal that is predicated on convincing debt holders to exchange their loans for new ones with different terms. In its 2013 annual report, Verso Paper reported $1.2 billion in debt; not all of it is subject to the debt exchange plan.
If successful, the merger will create a company that controls more than half the U.S. market for glossy paper, the kind used by magazines and catalogs and produced in Maine mills.
The two companies employ 2,200 workers at three paper mills in Maine.