March 2010 – The Financial Times reports that a trio of hedge funds, led by Verso majority stakeholder Apollo Management, had acquired more than 50 percent of NewPage’s extensive debt as part of a “loan-to-own” strategy betting on NewPage’s default. “[The move] puts into play a potential synergistic payoff with its Verso Paper portfolio company,” the FT says. “Between the two of them, NewPage and Verso control 55 percent of coated free sheet production in North America…A pairing of the two companies could unlock an additional $188 million of revenue.”

Jan. 2011 – Rumors of discussions between Apollo and NewPage owners, Cerberus, surface, centering around a debt-to-equity swap that would see the groups share ownership. NewPage also manages to buy some time by pushing back the maturity date for its $500 million credit facility by 5 months.

Sept. 2011 – NewPage files for Chapter 11 bankruptcy. The company reports $3.4 billion in assets and $4.2 billion in debt.

July 2012 – Verso announces that it’s officially in discussions to merge with NewPage, though NewPage says it opposes the bid and doesn’t plan to continue negotiations. Verso’s share price shoots up 48 percent on the day the news breaks.

Sept. 2012 – Verso backs out of merger discussions with NewPage. Verso CEO David Paterson says: “After careful analysis, we believe it is in the best interests of our company and its stakeholders to focus on the many other opportunities for Verso, including internal growth projects and other potential strategic alternatives.”

Dec. 2012 – NewPage wins approval for its bankruptcy exit plan. The company’s debt would be reduced to $500 million.

Jan. 2014 – Verso agrees to buy NewPage in a deal valued at $1.4 billion, pending regulatory approval. The merger is estimated to save the companies around $175 million and sends Verso shares up from $0.65 to more than $3.50 almost overnight. “We continue to face increased competition from electronic substitution for print and international producers,” says Paterson, “but as a larger, more efficient organization with a sustainable capital structure, we will be better positioned to compete effectively and deliver solid results despite the industry’s continuing challenges.”

Oct. 2014 – Fearing a monopoly in the coated paper market, the Department of Justice says Verso and NewPage must shrink before they can consolidate their holdings. Verso shuts down its paper mill in Bucksport, Me., while NewPage sells two of its U.S. mills to Canada-based Catalyst Paper for $74 million.

Jan. 2015 – The companies officially merge nearly five years after Verso’s “loan-to-own” strategy first went public.