Norske Skog launches new recapitalisation proposal
The alternative to the company's proposal will likely lead to bankruptcy at the parent company Norske Skogindustier ASA but Norske Skog AS and the mills will continue operations as normal under new ownership.
Norske Skog group has launched a new recapitalisiation proposal. According to the parent company Norske Skogindustrier ASA, this proposal provides a final opportunity to reach a consensual solution among all bondholders and shareholders.
Among the the key terms of the proposed recapitalisation transaction is the conversion into equity of all outstanding, secured and unsecured bond debt, resulting in secured note holders acquiring 94% equity ownership in Norske Skogindustrier ASA. Click Read More below for more of the story.