Pursuant to the recommendation from the election and remuneration committee of Norske Skog announced earlier today, several changes in board of directors were proposed to the extraordinary general meeting to be held tomorrow, 24 August 2017. On this basis, the planned public launch of a revised recapitalization transaction will be postponed in order to provide the new board with an opportunity to review the recapitalization transaction and allow for discussions with relevant stakeholders prior to a public launch. In the interim, the work with finalizing the documentation for the committed EUR 16 million liquidity facility continues. As previously announced, a significant majority of senior secured bond holders (SSN) (EUR 290 mill, due in 2019) and the holders of the Norwegian Securitisation Facility (NSF) (EUR 100 mill, due in 2020) have committed to provide a EUR 16 million liquidity facility to support the operating business of Norske Skog. The work with finalizing the documentation for this liquidity facility is being progressed in an expedite manner. Click Read More below for additional detail.
International Paper is once again planning a major re-investment in its Coosa linerboard mill, to the tune of up to $150 million.
Rather than speaking of job creation, officials spoke of job retention. Technological upgrades to the mill are expected to help retain over 500 jobs.
An inducement resolution for the project was approved by the Rome Floyd County Development Authority on Tuesday. Authority attorney Andy Davis said the last time International Paper received bond financing, for a similar amount in 2013, the company pledged to retain 460 jobs.
Since then, he said, 40 new jobs have been created at the mill.
International Paper will receive a ten-year payment in lieu of taxes agreement as part of the bond package. The company has agreed to pay 25 percent of its local tax bill with the remaining 75 percent abated over the ten-year period of time.
The company itself backs the bonds and there is no exposure to either Floyd County or the development authority.
“It is going to be used for the modernization of the plant and it is going to be spent over the next three years,” said Jonathan Frey, a property tax manager of International Paper who represented the company at the development authority meeting on Tuesday.
The company came very close to using the full $150 million approved in 2013.
more at source: http://www.northwestgeorgianews.com/rome/news/local/international-paper-to-re-invest-up-to-million-in-coosa/article_7024c8b4-0314-11e9-906c-ef223565b6d5.html