Verso creditors committee looks to hire Lowenstein Sandler as counsel

By Caroline Salls

Pittsburgh, March 1 – Verso Corp.’s official committee of unsecured creditors requested court approval to hire Lowenstein Sandler LLP as counsel, according to a motion filed Feb. 29 with the U.S. Bankruptcy Court for the District of Delaware.

If approved, the hiring will be retroactive to Feb. 5.

Lowenstein Sandler’s duties as counsel will include assisting the committee in consultations related to the administration of Verso’s cases, assisting in the analysis of claims and the company’s capital structure, assisting in the investigation of the company’s assets, debt, financial condition and operations, assisting in the investigation of liens and claims and prosecution of avoidance actions, assisting in negotiations on lease assumptions, asset sales, financing and Chapter 11 plans, preparing pleadings and representing the committee at hearings.

Lowenstein Sandler’s current standard hourly rates range from $550 to $1,100 for partners, $390 to $695 for senior counsel and counsel, $285 to $595 for associates and $110 to $290 for paralegals.

A hearing is scheduled for March 21.

Verso, a Memphis-based producer of printing and specialty papers and pulp, filed for bankruptcy on Jan. 26. The Chapter 11 case number is 16-10163.

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