Revised capitalisation proposal to be launched early next week with support from the majority shareholders of the SSN bond and the NSF loan, according to Norske Skog.
Norway's debt burdened publication paper manufacturer Norske Skog has extended the deadline for the current exchange offers and consent solicitations to 23 August 2017. The existing short-term standstill agreements have also been extended to 23 August to allow for additional time to conclude the ongoing stakeholder discussions and finalisation of applicable documentation, the company announced.
The deadlines have been extended several times in the last weeks and were lastly due to expire on 18 August.
"The group has received a commitment letter for a EUR 16 million liquidity facility from the majority holders of the SSN (EUR 290m, 2019) bond and the NSF (EUR 100m, 2020) loan. Norske Skog plans to launch a revised recapitalization proposal with support from the majority holders of the SSN bond and the NSF loan early next week. The liquidity facility will allow Norske Skog to meet its operational cash flow needs," writes Norske Skog in a regulatory announcement published by the Oslo Stock Exchange.
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