Norske Skog has received significant engagement from debtholders, and continued support for the transaction structure. The exchange offer has not yet achieved adequate level of acceptance. The Board has thus decided to amend certain terms of the exchange offers and extend the timeline to allow for prudent diligence and on-going constructive discussion between the stakeholders. The Board has also decided to use the 30-day interest payment grace period on the existing 2019 senior secured notes (SSN) to support the operating business. "There is still strong support for the recapitalization transaction structure and for equitizing all junior debt, but the value allocation across creditor classes remains challenging. We are constructively working with our various debtholders on finding a solution that protects value for all stakeholders," said Mr. Lars P.S. Sperre, President and CEO of Norske Skog. Click Read More below for additional detail.
Shortlisted as one of three finalists, Avery Dennison received the nomination for its recent introduction of a Sustainability Procurement Program, a collaborative evaluation platform providing sustainability ratings and performance improvement tools for the company’s global supply chain. The program rates suppliers in four key areas of activity: environmental, fair business, supply chain, and labor practice. The program’s overall objective is to engage suppliers in a continuous improvement process related to sustainability.
To operate this Sustainability Procurement Program, Avery Dennison partnered with EcoVadis, a leading sustainability performance rating solutions provider. The platform delivers simple and reliable scorecards to monitor supplier best practices. A total of 21 internationally recognized sustainability criteria are reviewed and separated into four criteria themes: environment, social, ethics, and supply chain.
Renae Kezar, senior director, global sustainability at Avery Dennison said: “The Sustainability Procurement Program helps us to assess compliance and recognize high performing suppliers. In addition, EcoVadis has provided a straightforward method for discussion with our suppliers on topics of social and environmental awareness. It is not only about a “score” but we have dialogue around waste, increasing recycled content, the different certification schemes, and how to work together to improve the industry.”
The Label Industry Global Awards were created in 2004 to celebrate innovation and excellence. They are the label industry’s highest accolades. The Award for Sustainability acknowledges a new sustainable product or process introduced by a company in the label industry during 2017. Judges will be looking for a company that has introduced a specific product or process and maintained the most sustainable and environmentally acceptable working practices into their purchasing and manufacturing operations and can demonstrate key materials, production, and performance or consumer benefits.