Company says there is more time needed to gain support for a consensual solution
Consent solicitation deadline for Norske Skog's ongoing recapitalisation proposal is being extended by another two days from 3 October to 5 October 17:00 CET. "We need some extra time to align initiatives among the various stakeholders. We believe that the extension of the consent deadline will improve the chances of reaching a solution," said Christen Sveaas, Chairman of Norske Skogindustrier ASA. The company said that it would use the period up to the new expiration deadline to speed up the continued discussions with stakeholders, trying to achieve sufficient support for a consensual recapitalisation solution for the Norske Skog group.
Last week Norske Skog received a negative response from a group of Senior Secured Bondholders to the recapitalisation proposal from a majority of Senior Unsecured bondholders made public on 27 September. The Senior Secured Bondholders' Ad Hoc Committee, representing about 65% of the Senior Secured Notes due 2019, had explained that it did not support the Unsecured Creditor proposal published on 27 September.