“Our comparable operating result in January–March was EUR 62 million, which is approximately at the level of the previous quarter and slightly lower than in the corresponding period last year. Our total paperboard deliveries grew slightly from the previous quarter, in line with our expectations. Profitability improved, particularly due to the good prices of and demand for folding boxboard in both Europe and the Americas. High-quality European folding boxboard made from fresh fiber has been in particularly high demand in North America, and we have been able to meet this demand. The lightness of our paperboards is one of our most important competitive factors, and we continue to actively develop this.
Fortress Global Enterprises Inc. (“Fortress” or the “Company”) is pleased to announce that its wholly owned subsidiary, Fortress Bioenergy Ltd. (“FBL”), has received from its senior lender, IAM Infrastructure Private Debt Fund LP (“IAM”), $3.4 million in restricted cash previously held in a debt service reserve account. These funds will be used to secure additional wood fibre inventory for the Fortress Specialty Cellulose mill (the “FSC Mill”). FBL is required to replenish the reserve account with three months of blended principal and interest payments (approximately $1.2 million) by June 30, 2020.
Giovanni Iadeluca, President and Chief Executive Officer of Fortress, commented: “The proceeds of the released funds from IAM is integral to the FSC Mill building wood fibre inventory and increases the overall working capital available. We are grateful to IAM for their continued support. This release of restricted cash supplements the previously announced multi-year moratorium on Fortress’ loan with Investissement Québec. Together, these initiatives provide Fortress with enhanced liquidity and improved financial flexibility.”