IRON MOUNTAIN – Verso Corp., which operates mills in Quinnesec and Escanaba, filed for bankruptcy protection Tuesday but said in a statement it expected the move would “have virtually no impact on the day-to-day operations of the company.”

The Memphis, Tennessee-based paper maker said its board of directors authorized the Chapter 11 filing so its $2.4 billion debt can be restructured to “position Verso for long-term success.”

Multiple factors prompted the move, including an increase in offshore imports and reduced demand for coated paper, Verso president and CEO David J. Paterson said in a written release.

The downturn happened after Verso acquired NewPage Holdings Inc. in January 2015, Paterson said. The Escanaba mill was part of that acquisition.

“While filing for Chapter 11 protection was a difficult decision, we are pleased that we enter this process with strong creditor support,” Paterson said. “We have worked together with a broad spectrum of financial creditors to develop a restructuring plan to eliminate $2.4 billion of our outstanding debt and to exit the Chapter 11 process in a short timeframe.”

Chapter 11 bankruptcy protection will allow Verso to reorganize and remain in business while paying creditors over time.

Verso said once a company files for Chapter 11 protection, it is prohibited from paying for goods and services provided before the filing date without specific court approval.

Some timber suppliers already had reported Verso stopped paying for shipments of logs delivered to Escanaba along with mills in Stevens Point and Wisconsin Rapids in Wisconsin, said Henry Schienebeck, executive director of the Great Lakes Timber Professionals Association.

No one was available to confirm if Quinnesec suppliers had failed to be paid as well.

“Verso sincerely regrets any near-term hardships its fiber suppliers experience as the company works through its restructuring and hopes that our suppliers ultimately will obtain longer-term benefits through a continued relationship with the company,” the company’s statement said.

The company did point out it is required to pay all suppliers “in full and on time” for any materials or services provided after the filing.

Verso also is working on a $600 million financing package it said should “provide sufficient capital to meet our obligations as they come due.”

The move was expected, as reports had surfaced late last week that Verso was preparing to file. Bloomberg Business, citing two anonymous sources, reported the company missed payments to two sets of creditors earlier this month.

Verso reported a net loss of $11 million in the third quarter of 2015, according to the Associated Press.

Verso owns mills in Kentucky, Maine, Maryland, Michigan, Minnesota and Wisconsin. A story in the Daily News from early 2015 listed 440 workers at the Quinnesec mill, 940 at Escanaba.

The company set up a toll-free information line at 855-410-7359 for suppliers, who also can email versoinfo@primeclerk.com. A link to information about the bankruptcy has been set up on Verso’s website as well, versoco.com.