Norske Skog is pleased to announce that secured bond holders holding 65 % of the aggregate principal amount of the secured notes due in 2019 (the "Secured AHC") have confirmed their support for the board's proposal launched on 18 September. Norske Skog is currently working to gain support from the other secured and unsecured bondholders. "We are very pleased to have obtained support from the majority of the secured bond holders, and we are currently in dialogue with the group's other secured and unsecured bond holders. The board's proposal is the best solution given the circumstances, and should provide a better return for stakeholder groups than the alternative. The alternative will trigger a complex insolvency process, which will result in Norske Skog being 100% owned by the secured bond holders." said Mr. Christen Sveaas, Chairman of Norske Skogindustrier ASA. Norske Skog will also enter into joint contingency planning with the Secured AHC to prepare for a potential insolvency process and share pledge enforcement on Norske Skog AS level if the board's proposal does not obtain sufficient levels of support from other creditors. Even without sufficient approval level, normal operations at all Norske Skog's mills will continue, and the value of Norske Skog and the interests of employees, customers, suppliers and local communities will be protected "The value of Norske Skog is the operating business units, which include seven profitable paper mills. These operations will continue as normal independent of the outcome of the recapitalization proposal. The secured bond holders are large professional investors with capital and ability to operate Norske Skog along with the employees," said Mr. Lars P. S. Sperre President and CEO of Norske Skog. Click Read More below for additional detail.
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