VERSO CORPORATION (NYSE:VRS) Files An 8-K Entry into a Material Definitive AgreementItem 1.01
On March20, 2018, Verso Corporation (“Verso”) entered into a Settlement Agreement with Canadian producers of supercalendered paper, Port Hawkesbury Paper Limited Partnership and certain related entities (collectively, “Port Hawkesbury”) and Irving Paper Limited (“Irving”). Under the terms of the Settlement Agreement, Verso will file with the U.S. Department of Commerce (“Commerce”) a written request for a “no interest” changed circumstances review by Commerce of the final countervailing duty order (the “CVD Order”) issued by Commerce on December10, 2015 imposing tariffs on supercalendered paper imported into the United States from Canada since August3, 2015 (such request, the “Changed Circumstances Request”). Verso will include in its Changed Circumstances Request, among other things, a request that Commerce revoke the CVD Order retroactively to August3, 2015, which, if granted, would result in refunds to Canadian producers of supercalendered paper of all countervailing duties collected on supercalendered paper imported into the United States from such producers under the CVD Order. If the Changed Circumstances Request is granted by Commerce, Port Hawkesbury and Irving have agreed in the Settlement Agreement to pay Verso a percentage of the duties refunded to Irving and Port Hawkesbury over time, with the total amount payable to Verso capped at $42.0million.
There can be no assurance that Commerce will grant the Changed Circumstances Request and revoke the CVD Order retroactively, or at all, and therefore no assurance that Verso will receive any or all of the settlement amount.
The Settlement Agreement is attached hereto as Exhibit 10.1 and is incorporated herein by reference. The foregoing description of the Settlement Agreement is qualified in its entirety by reference to such exhibit.
|Item 1.01||Financial Statements and Exhibits.|
Verso Corp ExhibitEX-10.1 2 d537994dex101.htm EX-10.1 EX-10.1 Exhibit 10.1 SETTLEMENT AGREEMENT THIS SETTLEMENT AGREEMENT (the Agreement) is entered into by and between Verso Corporation (as the sole member of the Coalition for Fair Paper Imports) (hereinafter referred to as Petitioner) and (1) Port Hawkesbury Paper Limited Partnership,…To view the full exhibit click