Verso Paper collects $40M in advance insurance settlement

Verso Paper Corp. says it has received about $40 million in insurance money after the explosion and fire that killed one worker and injured four other employees in Sartell, Minn., on Memorial Day, the St. Cloud Times reports. The company expects to collect an additional $44 million settlement.

Author:: BMTN Staff
Publish date:: Nov 13, 2012

Verso Paper Corp. says it has received about $40 million in insurance money after the explosion and fire that killed one worker and injured four other employees in Sartell, Minn., on Memorial Day, the St. Cloud Times reports. The company expects to collect an additional $44 million settlement.

KSTP reports the company has paid about $16.3 million in severance and benefits to some of the roughly 260 displaced workers.

In August, Verso Paper decided against reopening the Sartell plant. A company executive said the mill had not been competitive in recent years. The future for the site is still unclear.

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Verso Paper Corp. on Monday paid the city of Sartell in full – about $398,000 – for its response to a Memorial Day fire that ultimately led to the permanent closing of the company's paper plant, the St. Cloud Times reports. There were 92 agencies from across the state that helped fight the blaze and 68 of those sought repayment.

Gov. Mark Dayton plans to call a special legislative session in late July or August to respond to flood damage in northeast Minnesota. The St. Cloud Times reports Dayton has indicated he's also interested in providing state aid for the Verso Paper mill following an explosion and fire on Memorial Day. One worker was killed, four others were injured and most of the 250 workers have been laid off from the Sartell plant.

U.S. Sen. Amy Klobuchar met with union workers and local management in Sartell on Saturday. The central Minnesota plant remains shut down after a Memorial Day explosion killed one worker, injured four others and put the future of more than 250 jobs in question. Democrat Amy Klobuchar told the St. Cloud Times she plans to have another conversation with Verso CEO Dave Paterson this week.

Verso Paper has decided against reopening the Sartell mill that was damaged by an explosion and fire on Memorial Day. 259 people had worked at the plant. A company executive says it was a difficult decision, but the mill had not been competitive in recent years. Verso says it will work with local officials on finding a new use for the site.

Officials from Verso Paper told the St. Cloud Times the majority of its 260 workers have been given layoff notices following the deadly Memorial Day explosion and fire. The incident killed one person and injured four others. The central Minnesota plant is likely to remain idle for several months to complete necessary repairs.