Verso Corporation is exploring the possibility of selling several of its holdings, including its paper mill in West Duluth.
The news comes, with the release of the corporation's third quarter financial report.
Based on Verso's financial projections through the end of next year, leaders anticipate they will not have sufficient resources to fund their most significant future cash obligations.
Kingdom BioFuel prepares to open a first-of-its-kind wood pellet mill in Lancaster County, Pa. This 12,000-ton-per-year wood pellet mill will provide hundreds of local residents with an eco-friendly heating product throughout the coming winter and winters. What began as a small business serving pellet burning clients in Lancaster, Pa., has expanded into a growing company, serving businesses and homeowners throughout Eastern Pennsylvania, Delaware and Maryland.
In 2010 Steve Fisher of Lancaster, PA had a problem. He was burning corn and pellets in his outdoor furnace when corn prices skyrocketed. He soon switched to burning all wood pellets to heat his home, but the backbreaking work of pouring bags of pellets into his furnace was getting to be too much. Steve spent hours researching other means of getting wood pellets into his furnace and in the process discovered that bulk wood pellets do exist. He soon had a few tons delivered to his house. But the fact that there was only one company in Pennsylvania which was producing this valued product, left Steve thinking he must get involved in opening a pellet fuel company to supply others like himself who wanted an easier way to burn wood pellets.
For the first few years, Kingdom BioFuel LLC rented a delivery truck and did biweekly deliveries to a few clients throughout Lancaster County and the surrounding area. As the customer list grew, so did the need for better equipment to get the job done. Soon Kingdom BioFuel invested in a new state-of-the art bulk delivery truck. Today, this truck make deliveries five days a week in Pennsylvania, Maryland and Delaware.
The motto of “Leaders in Renewable Energy” is now being realized by new addition of a pellet mill in Pennsylvania. This investment into a wood pellet mill in Pennsylvania gives KBF the assurance that they will have a consistent supply of quality wood pellets throughout the year. The addition of their own pellet mill in Peach Bottom, Pa., sets Kingdom BioFuel and their customers on a much more secure path in the field of eco-friendly pellet heating.
Heating with wood pellets is a carbon neutral heating solution. By burning natural resources that otherwise would go to waste, heating with wood pellets becomes not only an economically superior choice, but also an ecologically valuable option as well. Wood pellet heating reduces CO2 emission about 80 percent. Besides selling pellets, Kingdom BioFuel also sells pellet stoves and boilers that provide the best efficiency ratings in the field.
Kingdom BioFuel is enthused that they can produce pellets locally because it will create more local jobs and reduce dependence on foreign oil. Local sawmills will provide sawdust and surrounding communities assist in the production. Jobs will include running the pellet mill in Pennsylvania, selling pellet stoves and wood pellet boilers, installing pellet related heating systems and more.
Watch for a grand opening of the new pellet mill in early January and come see the mill for yourself, talk with the staff personally, and hear why heating with wood pellets is becoming increasing popularity. You will also have the chance to see the new premium quality brand of wood pellets that KBF developed.
As a result Verso has begun evaluating potential restructuring alternatives, including the sale of some of its plants or Chapter 11 bankruptcy.
Verso purchased the Duluth Mill during an acquisition of New Page which was completed in January of this year.
The Duluth mill employs 285 people and produces 270 thousand tons of glossy paper each year.