Untangling the Verso-NewPage Deal

Somewhere there must be a person who fully understands all aspects of the proposed combination of NewPage and Verso Paper, North America’s two largest makers of magazine-quality paper.

What Verso and NewPage have worked out is far more complex than described in the companies’ announcements or even in stock analysts’ reports.

Here is Dead Tree Edition’s attempt to explain the structure and implications of the impending marriage, which was announced a week ago after a stormy, multi-year courtship.