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Verso Successor Chairman Designated

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Verso announced that David J. Paterson, president, C.E.O. and a director of Verso, will become the chairman of the board immediately upon the Company’s emergence from Chapter 11 protection.

In addition, Paterson informed Verso’s board that he intends to step down as president and C.E.O. when the Company finds his successor; until then, he will continue to serve in this role.

Scott Kleinman, Verso’s current chairman of the board, comments, “[Paterson’s] contributions in managing a business with constrained liquidity have been particularly valuable and appreciated as Verso has dealt head on with the financial challenges of our industry and company. Due in no small measure to Dave’s substantial efforts, Verso now is poised to emerge from a fully consensual Chapter 11 reorganization as a stronger competitor with a financially sustainable capital structure.”

Read more Verso bankruptcy news.