Norske Skogindustrier ASA files for bankruptcy

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19 Dec 2017 − 

The board of directors of Norske Skogindustrier ASA decided to file for bankruptcy on Tuesday 19 December.

The board no longer believed that there was a realistic opportunity to achieve a voluntary recapitalisation solution for the group, Norske Skogindustrier wrote in a statement. The company's largest creditor Oceanwood Capital Management had informed the board that it was not willing to support any such solution.

Norske Skog's operational activities will continue as normal with as little impact as possible from the bankruptcy proceedings of Norske Skogindustrier, the company said. The non-listed Norske Skog AS will be the new operating parent company of Norske Skog group and will perform head office functions formerly executed by Norske Skogindustrier ASA.

Earlier this week the official sale process of the company was launched.

Find the entire article and any associated background information in EUWID Pulp and Paper no. 51/52.

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