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.

“The board and management of Norske Skog have worked intensely to prepare for a revised recapitalization transaction with support from the majority of the SSN holders and the holders of the NSF. Whilst both the company and these holders remain committed to further progress the transaction, we consider it natural that a new board is given an opportunity to review the recapitalization transaction prior to a launch, with the extraordinary general meeting being one day ahead” said Lars P.S. Sperre, President and CEO of Norske Skog.”

As part of the various agreements to be entered into in connection with a recapitalization transaction, it is envisaged that support undertakings and standstill agreements will be entered into. The short-term standstill arrangements previously entered into with the SSN and NSF holders will expire today. Furthermore, as a revised recapitalization transaction is intended to replace the current exchange offers and consent solicitations launched on 2 June 2017, these will now be terminated.
http://www.norskeskog.com/Default.aspx?ID=2890&t=2017-08-23T23:05:01+02:00

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