Verso Corporation (OTCPink: VRSZQ) announced today that the bankruptcy court presiding over Verso's Chapter 11 bankruptcy proceeding yesterday authorized Verso to reject a specialty paper supply contract with Expera Specialty Solutions. The contract with Expera, which was an element of the sale by International Paper Company of its industrial papers business to Thilmany, LLC in 2005, had a 12-year term expiring in 2017. The contract required Verso, as the assignee of International Paper, to manufacture specialty paper on the A5 paper machine at its Androscoggin mill in Jay, Maine, for sale to Expera, as the successor to Thilmany, at a price essentially equivalent to Verso's cost of producing the paper. By virtue of the bankruptcy court's order, the Expera contract now is rejected, which is essentially a termination of the contract that is authorized by federal bankruptcy law.
American Eagle Paper Mills announced today Allan Bobb, Machine Room Superintendent, and Colin Symons, Furnish Prep Manager, have become the first employees invited to the ownership team since the Mill reopened in 2003.
“This a cause for celebration amidst challenging times in our industry and our community. Buying into the Mill underscores the significant commitment Allan and Colin have made to American Eagle and to their fellow employees. They bring dedication and talent to the Mill every day. They believe in the Mill’s future and are an important part of its success,” said Scott Igoe, President and partner.
Board member Philip Devorris agreed. “I couldn’t be happier than having Allan and Colin join the ownership team, a group that includes long-time employee-owners, Igoe, Clark Adelman and Bill Naugle. As an outside owner, along with my partners Harry Sickler and Todd Lewis, we recognize Allan and Colin as key leaders in the Mill’s future.”
Bobb joined the Mill in 2008 as a Chemical Engineer. He gained broader experience in technical and managerial positions, most recently as Furnish Prep Manager, before moving to the Machine Room as Machine Room Superintendent. “The technical expertise and adaptability our people bring in expanding our product line, all while utilizing recycled feedstock, is really what sets American Eagle apart in the paper industry. I’ve always taken pride in being a part of the team that brings a new product from the development phase to that first shipment,” Bobb explained.
Symons began interning at the Mill in 2015 while studying Electro-Mechanical Engineering Technology at Penn State Altoona and was promoted soon after he began working full time. “Our Furnish Prep operations involve a fair amount of puzzle-solving. We produce paper to very exact specifications from a wide range of reclaimed fiber sources. I am fortunate to be a part of such a talented team of paper makers; their ingenuity and can-do spirit are the foundation of our business. They make the job interesting and enjoyable,” Symons shared.
When asked about the Mill’s future, Adelman, who manages the client team along with his CFO responsibilities, emphasized, “Our Mill is uniquely positioned as the nation’s only 100% recycled sheet provider. As the world looks to increase sustainability and reduce our environmental footprint, this is a growth area in an otherwise shrinking market. It is exciting to see major new clients support our rapid expansion into recycled specialty grades, strengthening our business for the future. I know the Mill is in good hands with Allan and Colin joining our ownership team.”