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Investment companies to to bid for Norske Skog

23 Nov 2017 − 

Oceanwood Capital Management and Aker Capital will form new company which will bid an an auction process to take over Norske Skog. Following the announcement by Oceanwood and Aker, a consensual recapitalisation of the Norske Skog group is unlikely to be achievable, Norske Skog says. The company therefore expects to initiate insolvency proceedings.

According to a Norske Skog release, funds managed by Oceanwood Capital Management and Aker Capital AS, a wholly owned subsidiary of Aker ASA, have issued a joint press release stating the intention to form a new company (Bidco), which will bid in an auction process to ensure that there is a strong new owner of Norske Skog's paper mills.

The board of directors of Norske Skogindustrier stated it is pleased that Aker has taken a role together with Oceanwood in the recapitalization of the Norske Skog group.

The group's seven paper mills are expected to continue as normal without interruption through the remainder of the recapitalization process.

Following the announcement by Oceanwood and Aker, a consensual recapitalisation of the Norske Skog group is unlikely to be achievable, Norske Skog says. Consequently, the company is likely to initiate insolvency proceedings. The board of directors of Norske Skogindustrier said it would continue to assess the situation and the implications of the recent developments.

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