Norske Skog: Update on recapitalization process
Pursuant to the recommendation from the election and remuneration committee of Norske Skog announced earlier today, several changes in board of directors were proposed to the extraordinary general meeting to be held tomorrow, 24 August 2017. On this basis, the planned public launch of a revised recapitalization transaction will be postponed in order to provide the new board with an opportunity to review the recapitalization transaction and allow for discussions with relevant stakeholders prior to a public launch. In the interim, the work with finalizing the documentation for the committed EUR 16 million liquidity facility continues. As previously announced, a significant majority of senior secured bond holders (SSN) (EUR 290 mill, due in 2019) and the holders of the Norwegian Securitisation Facility (NSF) (EUR 100 mill, due in 2020) have committed to provide a EUR 16 million liquidity facility to support the operating business of Norske Skog. The work with finalizing the documentation for this liquidity facility is being progressed in an expedite manner. Click Read More below for additional detail.