>>> RELATED: Papermaker with Dayton-area presence struggles from bankruptcy filing
“I am deeply honored to have had the opportunity to lead Verso over the last four years, and I am extremely proud of what our team has accomplished together in the face of significant challenges,” Paterson said. “Now that Verso has completed its restructuring and is positioned for a more financially stable and sustainable future, I retire with the confidence that our senior leadership team, along with the board of directors, will take full advantage of every opportunity to make Verso a resounding success.”
>>> SOCIAL MEDIA: Follow reporter Kara Driscoll for more business news
In late July, the company announced it emerged from bankruptcy following a successful financial restructuring. Verso’s restructuring reduced the company’s debt by $2.4 billion and includes $595 million in exit financing to support ongoing operations and capital investment, according to a news release.
The Memphis, Tenn.-based company filed for bankruptcy reorganization in late January a year after it acquired Miami Twp.-based NewPage in January 2015.