Norske Skog: Update on recapitalization process

Funds managed by Oceanwood Capital Management and Aker Capital AS, a wholly owned subsidiary of Aker ASA, have today issued a joint press release stating the intention to form a new company (Bidco), which will bid in an auction process to ensure that there is a strong new owner of Norske Skog’s paper mills.

The board of directors of Norske Skogindustrier ASA is pleased that Aker, with its strong industrial knowledge and financial expertise, has taken a role together with Oceanwood in the recapitalization of the Norske Skog group.

The board of directors of Norske Skogindustrier ASA will continue to safeguard the interest of all its stakeholders through the recapitalization process. As part thereof, the Norske Skog group’s seven paper mills will continue as normal, and our customers, suppliers and other business partners will continue to receive high quality products and the best service from Norske Skog without interruption through the remainder of the recapitalization process.

Following the announcement by Oceanwood and Aker, a consensual recapitalization of the Norske Skog group is unlikely to be achievable. Consequently, Norske Skogindustrier ASA is likely to initiate insolvency proceedings. The board of directors of Norske Skogindustrier ASA will continue to assess the situation and the implactions of the recent developments.
http://www.norskeskog.com/Default.aspx?ID=2890&t=2017-11-23T13:00:29+01:00

Related Posts

European Commission Upholds CEPI Trade Complaint against Turkey

The EU has today released a report related to a Trade Barrier Regulation ("TBR") investigation launched following a complaint submitted by CEPI, the European association representing the paper industry. The report upheld the complaint finding that the measures imposed by Turkey on the imports of certain varieties of paper such as office paper, books, envelopes and paper used for direct mail marketing (otherwise known as uncoated wood free (“UWF”) paper) from the EU were inconsistent with both WTO and the EU-Turkey Customs Union rules. “CEPI takes pride in its strong commitment to free trade with its partners. The decision by the Turkish authorities to remove these unfair measures is applaudable; however this issue should never have been escalated in the first place. It is our expectation that the Turkish authorities stand by their obligations under the EU-Turkey Customs Union Agreement in the future” says Sylvain Lhôte, Director General at CEPI. Click Read More below for additional information.

Interfor Reports Record Q3’20 Results

Interfor Corporation recorded net earnings in Q3’20 of $121.6 million, or $1.81 per share, compared to $3.2 million, or $0.05 per share in Q2’20 and a net loss of $35.6 million, or $0.53 per share in Q3’19. Adjusted net earnings in Q3’20 were $140.0 million compared to $10.6 million in Q2’20 and an Adjusted net loss of $11.8 million in Q3’19. Adjusted EBITDA was a record $221.7 million on sales of $644.9 million in Q3’20 versus $42.8 million on sales of $396.8 million in Q2’20.

Mondi first to offer extensive portfolio of Cradle to Cradle Certified® uncoated fine papers from its European mills

Mondi received the Cradle to Cradle certification at Bronze level for its uncoated fine papers produced in its mills in Austria, Slovakia and Russia. Mondi is thus the first to offer an extensive uncoated fine paper portfolio as Cradle to Cradle Certified® meeting the high standards and demanding requirements of this certification scheme which marks the step from a linear to a circular economy. This includes Mondi´s well-known professional printing brands Color Copy and PERGRAPHICA®, as well as its range of NAUTILUS® branded recycled papers, and a wide office paper portfolio. "We are proud to kick off the year with this strong sustainability achievement underlining our Mondi Action Plan 2030 (MAP2030) commitment to create circular-driven solutions. For many years, Mondi has been a leader, and often a pioneer, in the sustainability of its uncoated fine papers. For example, Color Copy became the world´s first FSCTMcertified colour laser paper in 2005. Thanks to our new Cradle to Cradle certification our customers have a uniquely wide choice of products to support the environment and contribute to the circular economy without sacrificing on quality or price." Devan Naidoo, Marketing and Sales Director at Mondi Uncoated Fine Paper
Back To Top
×Close search
Search