Ossett Textile Mills - Rags, Mungo and Shoddy. Verso's Duluth paper mill may get caught in crossfire of company's struggles. If the name of the paper company Verso shows up in any Minnesota newspaper, you can be sure the news won’t be good. Readers may remember Verso as the owner of a paper mill in Sartell that had a deadly explosion in 2. Before that, there were . It’s a productive mill that has already changed hands a few times since it was built in the 1. Minnesota has been increasingly challenging. What’s interesting is that the Duluth mill has only been part of Verso since January, when the company completed its acquisition of a competitor called New. Page Holdings. Verso was trying to respond to the continuing decline in the market for coated paper used for magazines and catalogs, off an additional 4. Verso quoted in August. Verso’s idea was to consolidate operations with another big industry player. It planned to eliminate a lot of cost, at least $1. Not even a year into the deal, Tennessee- based Verso turned out to have been far too optimistic. The firm has “begun evaluating potential alternatives for the restructuring of our balance sheet,” as a result of “cash flow and liquidity concerns.”What Verso is doing is essentially going through bankruptcy reorganization, whether or not it ever gets supervised by a court. Its stock is off the New York Stock Exchange and traded last week for about 2 cents a share. For the first nine months of the current fiscal year, the company had an operating loss, meaning it lost money before expenses like interest were deducted, and operations consumed nearly $3. Papermaking is about as mature as an industry gets, but Verso is an upstart, not a traditional paper supplier. My presentation on the Mexican Packers at the Kamloops Museum and Archives was well attended and received tonight. Illustrated history of the cloth weaving industry in the Yorkshire area of the United Kingdom in the 19th and early 20th centuries. The only master of this kind of observation hitherto has been Marcel Griaule (d. 1956) but he left an impressive cohort of disciples. OBJECTID TITLE DATE PLACE SEARCH TERMS; P000001: Lansdowne Christian Church: 10/20/77: Lansdowne: Lansdowne Christian Church Clyde Avenue Baltimore Avenue Lansdowne. It’s hard to imagine a traditional industrial company in any industry describing its business in filings at the Securities and Exchange Commission the way Verso just did, beginning at the very top: “Within our organization, Verso Corporation, formerly named Verso Paper Corp., is the ultimate parent entity and the sole member of Verso Paper Finance Holdings One LLC, which is the sole member of Verso Paper Finance Holdings LLC, which is the sole member of Verso Paper Holdings LLC.”Got that? And that one may own some paper milling assets. That first sentence makes a couple of things obvious. One, a half- hour wasn’t nearly enough time to set aside to read this company’s latest quarterly filing. And two, Verso is less a normal operating business than a deal, a creation of some financial managers. Of course that is who put the company together, at Apollo Global Management, a large manager of private equity and other “alternative asset” funds based about a block from Central Park in New York. Apollo created Verso in 2. International Paper. Verso has been a consistent financial performer since then, in that it routinely loses money. The company Verso acquired just after the first of this year, New. Page, was also a big idea of a private equity manager. New. Page’s private equity sponsor was Cerberus Capital Management, another big firm with Midtown Manhattan offices not quite a 1. Apollo’s. Cerberus created New. Page to buy a paper business from Mead. MacALLISTER, Ruby Florence, in the care of a nurse, received from Isabella, Brunswick. February 1907 Monthly Return, List 34. McALPINE, Euphemia, Flemington, failed.Westvaco Corp. It later acquired the North American paper operations of the Finnish company Stora Enso, the deal that gave the company the paper mill in Duluth. Apollo managed to take its paper company public before the financial storm hit in the fall of 2. Cerberus also tried for a long time to get its paper company onto the public market, but it finally pulled its proposed offering. About a year later, in 2. New. Page filed for bankruptcy protection. Ossett's Textile Mills. When you look at any old pictures of Ossett, especially those pictures taken from the outskirts of the town, an enduring feature is the sheer. We are in the business of creating a more caring community – daunting, to say the least, what with global warming, terrorism, congress, the senate, Wall street. There has been plenty of deal making since these big private equity firms pursued the paper market, but of all the deals and proposed deals there is one that stands out in the filings as a telling example of the thinking behind how these companies were put together. This transaction actually took place in 2. Verso took out an additional $2. It was before the financial crisis, when borrowing that kind of unsecured money from financial institutions was still possible. In its documents for the subsequent public stock offering in 2. The loan proceeds went to the company owners as a distribution, a kind of a dividend. That’s how Apollo got almost all of its money out of Verso. It’s a little like a weekend gambler going to the casino with $1. Every additional hand for the rest of the night is really on the house. That distribution alone doesn’t make the Apollo managers the bad guys. It’s a reasonable objective in a private- equity deal to minimize the amount of capital put at risk. Yet it does show just who actually had a lot to lose in Verso. Those losses are being felt by people in places like Jay, Maine, where a Verso mill will lay off hundreds, and Wickliffe, Ky., where a Verso mill is being idled. And, of course, Sartell in central Minnesota.
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