Consent solicitation deadline extended to Tuesday 31 October
Norske Skog says that it has received strong support from both secured and unsecured bondholders and shareholders for the proposed recapitalisation proposal. In a press release the company explains that the vast majority are supportive of the proposal. In relation to the secured and unsecured tranches and following direct dialogue with holders, the indications of support suggest that the thresholds required to implement the transaction by way of Schemes of Arrangement will be reached.
Norske Skog decided to extend the consent solicitation deadline until Tuesday 31 October. A consensual recapitalisation proposal is also contingent upon support from the holders of the €100m Norwegian Securitisation Facility (NSF) due 2020 and a majority of the 2115 Perpetual Notes, the company explains. The extension period is to allow holders to provide formal consent and submit lock-up agreements and can be used to continue discussions with the holders of the NSF and Perpetual Notes to try to achieve support also form these two remaining creditor groups.