Verso Paper has confirmed that the New York Stock Exchange has suspended trading in Verso's common stock, effective immediately, and has commenced proceedings to delist the stock from the NYSE. The NYSE took this action when the trading price of Verso's common stock decreased to $0.15 per share this afternoon. The NYSE, in interpreting its continued listing standards, has determined that a trading price of $0.15 or less per share is "abnormally low" and, therefore, is cause for suspension of trading and delisting from the NYSE.

Verso's common stock will begin trading in over-the-counter markets effective immediately. The suspension and delisting are unrelated to Verso's business operations and do not constitute a default under any of Verso's credit agreements and debt securities. Verso will continue to file periodic and other reports with the SEC under applicable federal securities laws.

As a result of the suspension and delisting, the NYSE will not consider the listing compliance plan that Verso submitted to the NYSE this morning in which Verso sought to demonstrate its ability to achieve compliance with the NYSE's continued listing standard requiring that Verso's average market capitalization be at least $50 million over a period of 30 consecutive trading days. Verso also will not be allowed an opportunity to achieve future compliance with the NYSE's continued listing standard requiring that the average share price of Verso's common stock be at least $1.00 over a consecutive 30-trading-day period.