Verso Paper Reaches Deal On $775M Chapter 11 Loan Plan
Law360, Wilmington (March 1, 2016, 11:29 PM EST) -- Verso Corp. found tentative agreement late Tuesday on terms for its $775 million bankruptcy financing plan after working through a final round of disputes in a Delaware courtroom over lender rights to lock down the firm's remaining assets.
The big paper company and its creditors had been grappling over the issues for weeks, narrowing the problem by Tuesday to a handful of disputes, including disagreements over liens related to tax credits for past operating losses and rights to money or assets that bankrupt companies can reclaim if paid or transferred shortly before a Chapter 11 case begins.
The issues sidetracked company...
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