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11/08-2017 21:35:19: (NSG) Update on recapitalization process

Norske Skog has received a well-developed recapitalization 
proposal from a substantial number of the secured holders of 
the SSN (EUR 290m, 2019) bond and the NSF (EUR 100m, 2020) 
loan, as detailed in the 28 July 2017 stock exchange release. 
Certain unsecured bondholders have further provided an 
alternative proposal. To further secure the financial 
situation of the operating business, Norske Skog is in the 
process of receiving a commitment letter for a EUR 16 million 
liquidity facility from a substantial number of the holders of 
the SSN and NSF. 

"We are very pleased that key stakeholders are willing to 
support the business operations of Norske Skog through 
liquidity facilities like the offered loans. Our paper mills 
are highly competitive business units with a prosperous future 
irrespective of the final solution to the group's capital 
structure. We have now secured the operating business by both 
relief on interest payments and this new financing, and there 
should be no reason to question the stability of our operating 
business through the refinancing" said Lars P.S. Sperre, 
President and CEO of Norske Skog.

To facilitate ongoing discussions with stakeholders and 
finalization of revised transaction documentation, the 
deadlines for the existing exchange offers and consent 
solicitations and the forbearance provided pursuant to the 
existing short-term standstill agreements with certain 
creditors, have been extended to 18 August 2017. Both the 
exchange offers and consent solicitations and the short-term 
standstill agreements were due to expire on 11 August 2017. 
The short-term standstill agreements, entered into with 
certain holders of the SSN and the NSF, provide forbearance in 
respect of the non-payment of interest payments due in 
relation to the SSN and NSF, in order to preserve liquidity 
for the groups' operating business. The forbearance provided 
pursuant to these short-term standstill agreements has now 
been extended to 18 August 2017, by which time it is expected 
that longer term standstill agreements will be entered into.

A strong interest in supporting the group's operating business 
has also been expressed by both senior secured creditors and 
unsecured creditors, with certain members of both groups 
offering liquidity financing of around EUR 16 million to 
Norske Skog AS. Following discussions and considerations of 
key terms presented for such financing the group is in the 
process of receiving a commitment letter from certain of its 
senior secured creditors.

Norske Skog will continue to facilitate concluding stakeholder 
discussions for the launch of a revised transaction proposal 
next week. 

- "After months of bondholder discussions, it is envisaged 
that next week we will be able to launch a revised transaction 
proposal which achieves the main goals set for the 
recapitalization process, with support from substantial 
numbers of senior creditors, for due consideration by the 
other stakeholders of the group. Crucially, the operating 
businesses of Norske Skog should be well protected through the 
final stages of the recapitalization process by the provision 
of fresh liquidity" said Mr. Lars P.S. Sperre, President and 
CEO of Norske Skog.

As announced on 3 August 2017, Norske Skog will hold an 
extraordinary shareholder meeting on 24 August 2017 at 13:00 
CET, in order to provide the shareholders with, amongst other 
things, an update on the financial situation of the group.

This information is not for distribution in the United States 
and is subject of the disclosure requirements pursuant to 
Section 5-12 of the Norwegian Securities Trading Act.

Norske Skog
Communications and Public Affairs

For further information:

Norske Skog media:
Vice President Corporate Communication                                                                                                 
Carsten Dybevig
Mob: +47 917 63 117
Twitter: @Norske_Skog
Norske Skog financial markets:                                                                                                 
Vice President Investor Relations
Tom Rogn
Mob: +47 948 55 659

This press release may include projections and other "forward-
looking" statements within the meaning of applicable 
securities laws. Any such projections or statements reflect 
the current views of Norske Skogindustrier ASA or its 
subsidiaries ("Norske Skog") about further events and 
financial performance. Although Norske Skog believes that 
these views and assumptions are reasonable, the statements are 
subject to numerous factors, risks and uncertainties that 
could cause actual outcomes and results to be materially 
different from those projected. No assurances can be given 
that such events or performance will occur as projected and 
actual results may differ materially from these projections.

This press release shall not constitute an offer to sell or a 
solicitation of an offer to purchase any securities in the 
Unites States, and shall not constitute an offer, solicitation 
or sale in any state or jurisdiction in which such an offer, 
solicitation or sale would be unlawful. Nothing herein shall 
be taken as constituting the giving of investment advice and 
this press release is not intended to provide, and must not be 
taken as, the basis of any decision and should not be 
considered as a recommendation to acquire any securities of 
Norske Skog. The securities have not been and will not be 
registered under the Securities Act of 1933 (the "Securities 
Act"). The securities may not be offered or sold in the United 
States absent registration under the Securities Act or an 
applicable exemption from registration requirements. Any 
public offering of securities to be made in the United States 
will be made by means of a prospectus that may be obtained 
from the issuer and that will contain detailed information 
about the company and management, as well as financial 
statements. This press release is being issued pursuant to and 
in accordance with Rule 135e under the Securities Act.

In member states of the European Economic Area, this press 
release (and any offer of the securities referred to herein if 
made subsequently) is only addressed to and directed at 
persons who are "qualified investors" within the meaning of 
Article 2(1)(e) of the Prospectus Directive.

This press release is directed only at (i) persons who are 
outside the United Kingdom or (ii) persons who have 
professional experience in matters relating to investments 
falling within Article 19(5) of the Financial Services and 
Markets Act 2000 (Financial Promotion) Order 2005 (the 
"Order") or (iii) high net worth entities, and other persons 
to whom it may lawfully be communicated, falling within 
Article 49(2) of the Order or (iv) persons to whom an 
invitation or inducement to engage in investment activity 
(within the meaning of Section 21 of the Financial Services 
and Markets Act 2000 (the "FSMA")) in connection with the 
issue or sale of any notes may otherwise be lawfully 
communicated or caused to be communicated (all such persons 
together being referred to as "relevant persons"). Any 
investment activity to which this communication relates will 
only be available to and will only be engaged with, relevant 
persons. Any person who is not a relevant person should not 
act or rely on this document or any of its contents.

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