WISCONSIN RAPIDS, Wisconsin (From The Wisconsin Rapids Tribune) -- Verso Corp. said Thursday it could emerge from bankruptcy by the end of July.

The announcement came the same day a federal judge confirmed Verso's Chapter 11 reorganization plan -- a major step in the bankruptcy process -- and nearly five months since the company sought bankruptcy protection in late January.

Verso's bankruptcy had earlier been opposed by the states of Wisconsin, Michigan, Maine and the U.S. Environmental Protection Agency, which argued a previous version of the company's reorganization plan could have impaired their ability to enforce environmental laws, according to court filings. But Wisconsin withdrew its objection on Monday after Verso agreed to limit the bankruptcy's effect on environmental regulation, Wisconsin Assistant Attorney General F. Mark Bromley said.

Verso manufactures coated paper and has a significant presence in central Wisconsin. The Stevens Point mill has 240 employees and can produce about 185,000 tons of specialty papers each year, while the Wisconsin Rapids mill has 980 employees and has the capacity to make about 560,000 tons of coated paper every year.

Verso also has done business with more than a thousand logging, trucking and other firms in the state, court records show.

It was reported on Jan. 25, the day before Verso filed for bankruptcy, that it had halted payments to local loggers supplying timber to the Stevens Point and Wisconsin Rapids mills. Loggers later said Verso had resumed most payments.

Company officials have said the bankruptcy would not cause workforce reductions and would make its operations stronger, despite significant challenges ahead. A confluence of factors drove the company into bankruptcy, including deteriorating demand for coated paper and competition from foreign importers, according to industry observers.

The restructuring will enable Verso to reduce its debt by about $2.4 billion. It also will have access to nearly $600 million in financing to pay for operations when it exits bankruptcy, the company said.

Verso bought the Stevens Point and Wisconsin Rapids mills from NewPage Corp. in 2014 as part of a $1.4 billion deal. It owns eight paper mills in the United States across the Midwest and Northeast, according to the company's website.