The board of directors and management of Norske Skog are pleased to announce that it has managed to broker a consensual solution between the Unsecured Committee, the Senior Secured Noteholder Committee and major shareholders. The two bondholder committees and the major shareholders have agreed on a split of the equity ownership of Norske Skogindustrier ASA, following the recapitalization transaction that these groups will support. With this development, over 80% of the senior secured noteholders and more than 50% of the unsecured noteholders have now indicated their willingness to support such an adjusted recapitalization proposal. Therefore, the relevant boards in the Norske Skog group have resolved to revise the terms of the ongoing consent solicitation in accordance with the split agreed. The formal consent solicitation deadline is extended until Wednesday 25 October at 17:00 CET to allow adequate time for the group's noteholders to submit their formal consents. Click Read More below for additional information.
Our Meadow Lake mill enjoys a stable supply of quality fibre, drawn from 1.9 million hectares of nearby boreal forest. It’s an awesomely beautiful and productive region, and it’s managed through a long-standing and highly successful partnership with local Indigenous nations.
Mistik Management Ltd. holds the provincial Forest Management Agreement for the area. Mistik is an equal partnership between our Meadow Lake operation and NorSask Forest Products, which in turn is owned by the Meadow Lake Tribal Council. In addition to supplying fibre to the partners’ mills, Mistik provides forest management services to L&M Wood Products, which is also Tribal Council-owned.
This arrangement – and the resulting revenue and employment and contracting opportunities – is a foundational element of the economic-development strategy of the nine First Nations that make up the Meadow Lake Tribal Council.
It is also a model of localized, inclusive and participatory forest management (certified to Forest Stewardship Council standards). A public advisory group, for example, plays a key role in developing Mistik’s 20-year Forest Management Plans, the most recent of which was approved in May 2019.
Through the advisory group and other means, trappers, livestock grazers, cabin owners, traditional resource users, elders and a wide diversity of other stakeholders all take part in an ongoing co-management process. Our mill is one among many stewards and beneficiaries of these forests, and we value the opportunity to partner with Mistik on their management.